Section 119B | Section 119A: unchargeable, and unremitted chargeable, foreign securities income ^F1

(1)For the purposes of section 119A reduce the amount that counts as employment income by so much of that amount (if any) as is—^F2

(a)unchargeable foreign securities income, or^F2

(b)unremitted chargeable foreign securities income.^F2

(1A)In this section “unchargeable foreign securities income” means unchargeable foreign securities income for the purposes of section 41F of ITEPA 2003 (taxable specific income: internationally mobile employees etc) (see sections 41H to 41L of that Act).^F3

(2)In this section “unremitted chargeable foreign securities income” means income that—^F4

(a)is chargeable foreign securities income for the purposes of section 41F of ITEPA 2003, and^F5

(b)has not been remitted to the United Kingdom by the end of the tax year in which the disposal mentioned in section 119A(1) occurs.

(3)The following provisions apply if any of the unremitted chargeable foreign securities income is remitted to the United Kingdom after the end of the tax year referred to in subsection (2)(b).^F6

(4)The person liable for the capital gains tax on any chargeable gains arising on the disposal may make a claim for section 119A(2) to have effect as if the remitted income had been remitted before the end of that tax year.

(5)All adjustments (by way of repayment of tax, assessment or otherwise) are to be made which are necessary to give effect to a claim under subsection (4).

(6)Those adjustments may be made at any time, despite anything to the contrary in any enactment relating to capital gains tax.