Section 809I | Remittance basis charge: income and gains treated as remitted

(1)This section applies if—

(a)any of an individual's nominated income and gains is remitted to the United Kingdom in a tax year, ...

(b)any of the individual's remittance basis income and gains has not been remitted to the United Kingdom in or before that year, and

(c)the £10 test is met for that year.

(2)Income tax and capital gains tax are charged, for that year and subsequent tax years, as if the income and chargeable gains treated under section 809J as remitted to the United Kingdom by the individual in that tax year had been so remitted (and income and chargeable gains of the individual that were actually remitted in that year had not been).

(3)An individual's “nominated income and gains” are the total income and chargeable gains nominated by the individual under section 809C for the tax year mentioned in subsection (1)(a) or any earlier tax year (each such year for which the individual has made a nomination under that section being referred to as a “nomination year”).

(4)An individual's “remittance basis income and gains” are the foreign income and gains of the individual for all the tax years (up to and including the tax year mentioned in subsection (1)(a)) for which section 809B, 809D or 809E applies to the individual, apart from the individual's nominated income and gains.

(5)The £10 test is met for the tax year mentioned in subsection (1)(a) (“year X”) if, taking each nomination year separately, the cumulative total as respects at least one nomination year exceeds £10.

(6)In relation to a nomination year—

(a)“the cumulative total” means the sum, for all the tax years in aggregate up to and including year X, of the amounts of relevant income and gains remitted to the United Kingdom in those tax years from that nomination year, and

(b)“relevant income and gains” means the income and chargeable gains nominated by the individual under section 809C for that nomination year.