Commentary on Sections Overview Section 1275: Claim for relief for unremittable income
3264.This section deals with claims for relief and sets out how the relief applies. It is based on section 584(1), (2),(5) and (6) of ICTA. The corresponding rule for income tax is in section 842 of ITTOIA.
3265.The effect of subsection (1) is that the unremittable income is omitted from the company’s taxable income for the accounting period in which it arises.
3266.Subsection (4) defines an Export Credits Guarantee Department payment (“ECGD payment”). The statutory references in the source legislation have been updated. As section 13(1) of the Export and Investment Guarantees Act 1991 delegates the functions of the Secretary of State under section 2 of that Act to the Export Credits Guarantee Department, the section refers to the role of that Department (rather than the Secretary of State) in administering this scheme.