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

Qualifying foreign securities income

Section 41W defines what counts as "qualifying foreign securities income" for individuals who receive employment-related securities income and perform some or all of their employment duties outside the UK.

• Securities income is income that counts as employment income under the employment-related securities rules in Part 7, Chapters 2 to 5 of ITEPA 2003
• Such income qualifies where employment duties are performed wholly or partly outside the UK during the qualifying year, and the income accrues during that year (or, in a split year, during the UK part of the year)
• Where duties are performed entirely outside the UK, all qualifying securities income is qualifying foreign securities income; where duties are split between the UK and overseas, the income is apportioned on a just and reasonable basis
• Securities income from overseas Crown employment that is subject to UK tax does not count as qualifying foreign securities income