Section 669 | Relief for unremittable transfer proceeds: section 630 profits

(1)This section applies if—

(a)a person is liable for income tax on accrued income profits within section 630(2) (making accrued income profits: settlement day outside interest period),

(b)the person is so liable as a result of making transfers of foreign securities of a particular kind, and

(c)the proceeds of the transfers are unremittable in the tax year.

(2)If the person makes a claim for relief under this section the profits are reduced to nil.

(3)But see section 670 (withdrawal of relief).

(4)Any claim under this section must be made not more than 4 years after the end of the tax year for which the profits would be chargeable to tax if no claim were made.^F1

(5)A person's personal representatives may make any claim under this section which the person might have made.