Income Tax (Earnings and Pensions) Act 2003 section 41C

Section 41A: foreign securities income

Section 41C explains how to calculate the proportion of securities income that qualifies as "foreign securities income" for remittance basis purposes.

• Securities income is treated as accruing evenly on a daily basis over the relevant period defined by section 41B
• For individuals on the remittance basis who are ordinarily UK resident, employed by a foreign employer, and performing all duties outside the UK, the securities income accruing in that period is treated as foreign
• For individuals on the remittance basis who are not ordinarily UK resident and perform some or all duties outside the UK, the income is either wholly foreign (if all duties are overseas) or apportioned on a just and reasonable basis
• If an individual is not UK resident in a tax year, they are treated as if the remittance basis applied for that year when making this calculation