Part 2 Remittance Basis of Taxation: Special Mixed Fund Rules
Finance Act 2013 (2013 c 29) | Legislation

Part 2 Remittance Basis of Taxation: Special Mixed Fund Rules

4

Chapter A1 of Part 14 of ITA 2007 (remittance basis) is amended as follows.

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In section 809Q (sections 809L and 809P: transfers from mixed funds), after subsection (1) insert—

“(1A)     But this section must be read subject to section 809RA.â€

6

After section 809R insert—

“809RA Special mixed fund rules for certain employment cases

(1)     This section applies if—

(a)     an individual has general earnings from an employment for a tax year,

(b)     those earnings include both general earnings within section 15(1) of ITEPA 2003 (“section 15(1) earningsâ€) and general earnings within section 26(1) of that Act (“section 26(1) earningsâ€),

(c)     at least some of the section 15(1) earnings, or sums deriving (wholly or in part, and directly or indirectly) from at least some of the section 15(1) earnings, are paid into an account in that tax year at a time (a “relevant timeâ€) when the account is a qualifying account of the individual, and

(d)     at least some of the section 26(1) earnings, or sums deriving (wholly or in part, and directly or indirectly) from at least some of the section 26(1) earnings,

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