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HMRC internal manual

Employment Related Securities Manual

International from 6 April 2015: structure of chapter 5B, part 2 ITEPA

Chapter 5B is structured as follows:

ITEPA03/S41F (ERSM162400)

Section 41F sets out the conditions for the Chapter to apply and provides that securities income which is ‘foreign’ is deducted from total securities income to give an amount of ‘taxable specific income’ which is charged to tax for a particular year.

ITEPA03/S41G (ERSM162500)

Section 41G provides the statutory rules for determining the ‘relevant period’ for securities income arising by virtue of each of Chapters 2 to 5 of Part 7.

ITEPA03/S41H to S41K (ERSM162600)

Sections 41H to 41K provide the rules by which securities income is determined to be ‘chargeable foreign securities income’ and ‘unchargeable foreign securities income’.

ITEPA03/S41L (ERSM162700)

Section 41L provides an ‘override’ of the statutory rules where the application of those rules does not produce a just and reasonable result.