Section 24B Definitions of “C” and “I” for the purposes of section 24A(14)F1

(1)

This section applies for the purposes of section 24A(14).

(2)

“C” is the total amount of credit which would be allowed under section 18(2) of TIOPA 2010 (double taxation relief by way of credit) against income tax in respect of all the employment income falling within section 24A(5)(a) to (d) were none of that income to be, as relevant—

(a)

“chargeable overseas earnings”,

(b)

“foreign”,

(c)

“chargeable foreign securities income”, or

(d)

income to which section 554Z9(2) applies.

(3)

For this purpose, assume—

(a)

that all relief is claimed within the applicable time limit given by section 19 of TIOPA 2010, and

(b)

that all reasonable steps are taken to minimise any amounts of tax payable as mentioned in section 33 of that Act.

(4)

“I” is the total amount of all the employment income falling within section 24A(5)(a) to (d).

Annotations

Textual amendments

F1: Ss. 24A, 24B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 3 para. 3

Notes on Part 2

Modifications

C1: Pt. 2 applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 969(4)(a), 1329(1) (with Sch. 2 Pts. 1, 2)
C2: Pt. 2 applied (E.W.S.) (31.3.2017) by The Equality Act 2010 (Specific Duties and Public Authorities) Regulations 2017 (S.I. 2017/353), reg. 1(1), Sch. 1 para. 4(3) (with reg. 2(4)(5))

Notes on Chapter 5

Textual amendments

F1: Pt. 2 Ch. 5 title substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 10

Notes on Remittance basis rules for employees outside section 26

Textual amendments

F1: S. 21 cross-heading substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 12
F2: Words in cross-heading substituted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 7(2)(b) (with Sch. 46 para. 26)