Income Tax Act 2007

[F1835OMeaning of “qualifying period”, “relevant disregarded income” and “beneficial entitlement”U.K.
This section has no associated Explanatory Notes

(1)This section applies for the purposes of this Chapter.

(2)A “qualifying period” means—

(a)the tax year in which the transaction income mentioned in section 835I(2) is chargeable to tax, or

(b)a period of not more than 5 years comprising two or more tax years including that one.

(3)The “relevant disregarded income” of the non-UK resident for a qualifying period is the total of the non-UK resident's income for the tax years comprised in the qualifying period which derives from investment transactions—

(a)carried out by the investment manager on the non-UK resident's behalf, and

(b)in relation to which the independent investment manager conditions are met, ignoring the requirements of the 20% rule.

(4)A person has a “beneficial entitlement” to relevant disregarded income if the person has or may acquire a beneficial entitlement that is, or would be, attributable to the relevant disregarded income as a result of having an interest or other rights mentioned in subsection (5).

(5)The interests and rights referred to in subsection (4) are—

(a)an interest (whether or not an interest giving a right to an immediate payment of a share in the profits or gains) in property in which the whole or any part of the relevant disregarded income is represented, or

(b)an interest in, or other rights in relation to, the non-UK resident.]

Textual Amendments

F1S. 835O inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 13 (with Sch. 9 paras. 1-9, 22)