RDRM35850 | Remittance basis: Amounts remitted: Special mixed funds: Prohibited sums

For the purposes of the special mixed funds a prohibited sum is anything other than a sum that is, or derives wholly (whether directly or indirectly) from any of the following kinds of income or capital:

• General earnings of the individual from an employment for a tax year which is a relevant year in relation to the employment

• General earnings of the individual from an employment which consists of money and are paid in a tax year which is a relevant year in relation to the employment

• An amount of specific employment income by virtue of Part 6, 7 or 7A of ITEPA 2003 or any other enactment, counts as employment income of the individual in respect of an employment for a tax year which is a relevant tax year in relation to the employment

• Interest on the account

• Consideration for the disposal of employment related securities or employment related options if:

  • the securities or options were acquired by a right or opportunity available by reason of an employment of the individual

  • the disposal is or occurs in conjunction with, or as soon as reasonably practicable after, a relevant event involving those securities or options, and

  • the tax year in which the relevant event occurs is a relevant year in relation to the employment.

A relevant event is an acquisition (as mentioned above), and any event on the occurrence of which an amount (if positive) counts as employment income by virtue of Part 7 of ITEPA 2003 or, would do so but for s41E or s474 of ITEPA 2003; or an election under s420 or s431 of ITEPA 2003.