Section 41D Limit on foreign securities income where duties of associated employment performed in UK
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Amendments
Section 41D inserted by Finance Act 2008 section 25 and Schedule 7 para 22 in relation to employment-related securities and employment-related securities options acquired on or after 6 April 2008.
(1) This section imposes a limit on the extent to which section 41C(3) applies in relation to a period when—
(a) the individual holds associated employments as well as the employment in relation to which section 41C(4) applies, and
(b) the duties of the associated employments are not performed wholly outside the United Kingdom.
(2) The amount of the securities income for the period that is to be regarded as “foreign” is limited to such amount as is just and reasonable, having regard to—
(a) the employment income for the period from all the employments mentioned in subsection (1)(a),
(b) the proportion of that income that is general earnings to which section 22 applies (chargeable overseas earnings),
(c) the nature of and time devoted to the duties performed outside the United Kingdom, and those performed in the United Kingdom, in the period, and
(d) all other relevant circumstances.
(3) In this section “associated employments” means employments with the same employer or with associated employers.
(4) Section 24(5) and (6) (meaning of “associated employer”) apply for the purposes of this section.
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