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

Limit on "chargeable foreign securities income" where duties of associated employment performed in UK

Section 41I limits the amount of securities income that can be treated as "chargeable foreign securities income" when an individual holds associated employments alongside their relevant employment and some duties of those associated employments are performed in the UK.

• Where an individual holds associated employments (jobs with the same or associated employers) in addition to their relevant employment, and the duties of those associated employments are not performed entirely outside the UK, a cap applies to the amount of securities income that qualifies as chargeable foreign securities income.
• The amount treated as chargeable foreign securities income is limited to what is "just and reasonable", taking into account total employment income from all the employments for the period and the proportion of that income which qualifies as chargeable overseas earnings.
• The nature of, and time devoted to, duties performed both outside and within the UK during the period must also be considered, along with all other relevant circumstances.
• "Associated employments" means employments with the same employer or with associated employers as defined in section 24(5) and (6) of the Act.