Income Tax (Trading and Other Income) Act 2005 section 833

Income treated as remitted: repayment of UK-linked debts

Section 833 dealt with circumstances in which foreign income used to repay debts connected to the UK was treated as having been remitted to the UK, but this section was removed from the legislation from the 2008-09 tax year onwards.

• Section 833 addressed the treatment of foreign income used to repay debts with a UK connection.
• Where foreign income was applied to settle a UK-linked debt, it could be deemed to have been remitted to the UK for tax purposes.
• This provision was relevant to taxpayers taxed on the remittance basis, as it broadened what counted as a remittance.
• The section was removed by the Finance Act 2008 (Schedule 7, paragraph 54) and ceased to apply from the 2008-09 tax year onwards.