A relief announced as part of the 2011 Budget proposals and the subject of a consultation exercise the following summer, was to exclude remittances of income and gains from the charge to tax where they were used to make certain business investments. Finance Act 2012 introduced new sections into ITA 2007, Part 14, Ch. A1, operative from 6 April 2012, which gave effect to those proposals.

The conditions for relief are that:

an individual makes a remittance of foreign income or gains to the UK (or is deemed to have made such a remittance) which would otherwise have been chargeable to UK tax;

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