Section 845D Effect of claim, foreign employment election or foreign gain claim: costs of dwelling-related loanF1

(1)

This section applies where an individual—

(a)

has a relievable amount for a tax year in respect of an overseas property business for the purposes of section 274A (reduction for individuals: entitlement), and

(b)

makes a foreign income claim, a foreign employment election or a foreign gain claim for the tax year.

(2)

The individual is not entitled to relief under section 274A for that tax year in respect of that relievable amount.

(3)

For the purposes of section 274A, the individual’s brought-forward amount for the following tax year in respect of the overseas property business is nil.

Annotations

Textual amendments

F1: Pt. 8 Ch. 5 inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(1)(4)