Part 4 Cleansing of Mixed Funds
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 4 Cleansing of Mixed Funds

44

(1)     This paragraph applies for the purposes of the application of section 809Q(3) of ITA 2007 in relation to an individual (“Pâ€).

(2)     Section 809R(4) of ITA 2007 does not apply to an offshore transfer from a mixed fund where—

(a)     the transfer is made in the tax year 2017–18 or the tax year 2018–19,

(b)     the transfer is a transfer of money,

(c)     the mixed fund from which the transfer is made is an account (account A) and the transfer is made to another account (account B),

(d)     the transfer is nominated by P for the purposes of this sub-paragraph,

(e)     at the time of the nomination no other transfer from account A to account B has been so nominated, and

(f)     P is a qualifying individual.

(3)     P is a qualifying individual if—

(a)     section 809B, 809D or 809E of ITA 2007 (remittance basis) applied in relation to P for any tax year before the tax year 2017–18, and

(b)     P is not an individual—

(i)     who was born in the United Kingdom, and

(ii)     whose domicile of origin was in the United Kingdom.

(4)     An offshore transfer

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