Section 842 | Claim for relief for unremittable income

(1)If a person liable for income tax on unremittable income makes a claim for relief under this section in respect of that income, it is not taken into account for income tax purposes.

(2)Subsection (1) is subject to section 843.

(3)No claim under this section may be made in respect of any income so far as an ECGD payment has been made in relation to it.

(4)In subsection (3) “ECGD payment” means a payment made by the Export Credit Guarantee Department under an agreement entered into as a result of arrangements made under—

(a)section 2 of the Export and Investment Guarantees Act 1991 (c. 67) (insurance in connection with overseas investment), or

(b)section 11 of the Export Guarantees and Overseas Investment Act 1978 (c. 18).

(5)A claim under this section must be made on or before the first anniversary of the normal self-assessment filing date for the tax year for which the income would be charged to tax if no claim were made.