Section 809Z7 | Meaning of “foreign income and gains” etc ^F1

(1)This section applies for the purposes of this Chapter.

(2)An individual's “foreign income and gains” for a tax year are—

(a)the individual's relevant foreign earnings for that year,

(b)the individual's foreign specific employment income for that year,

(c)the individual's relevant foreign income for that year, and

(d)... the individual's foreign chargeable gains for that year.^F2

(3)An individual's “relevant foreign earnings” for a tax year are—

(a)if the individual does not meet the requirement of section 26A of ITEPA 2003 for that year, the individual's chargeable overseas earnings for that year, and^F3

(b)otherwise, the individual's general earnings within section 26(1) of ITEPA 2003 for that year (non-UK earnings).

(4)An individual's “foreign specific employment income” for a tax year (“the relevant tax year”) consists of the income (if any) within subsections (4A) and (4B).^F4

(4A)The income within this subsection is the individual's specific employment income for the relevant tax year so far as it consists of securities income that is “foreign” for the purposes of section 41F of ITEPA 2003.^F4F5

(4B)The income within this subsection is any income, or any part of any income, of the individual—^F4

(a)to which section 554Z9(2) or 554Z10(2) of ITEPA 2003 applies, and^F4

(b)which consists of the value of a relevant step, or a part of the value of a relevant step, which is “for” the relevant tax year as determined under section 554Z4 of ITEPA 2003.^F4

(5)An individual's “foreign chargeable gains” for a tax year are the chargeable gains accruing to the individual in that year on the disposal of foreign assets (within the meaning of Schedule 1 to TCGA 1992).^F6

(6)In subsection (3)(a) “chargeable overseas earnings” has the same meaning as in section 22 of ITEPA 2003 (see section 23 of that Act).

(7)Repealed^F7