222. Relief for unremittable transfer proceeds.

The following provisions apply if:

  1.  

    (1)     a person is liable for income tax on accrued income profits1;

  2.  

    (2)     the profits are calculated by reference to payments treated as made to the person in an interest period2;

  3.  

    (3)     the payments are so treated as a result of the person making transfers of foreign securities3 of a particular kind; and

  4.  

    (4)     the proceeds of the transfers are unremittable4 in the tax year5.

If the person makes a claim for relief:

  1.  

    (a)     the profits are reduced by the amount of the payments treated as made to the person; or

  2.  

    (b)     if that amount