Finance Act 2008
David Gauke (Exchequer Secretary, HM Treasury; South West Hertfordshire, Conservative)
UK residents are taxable on their worldwide income wherever it arises—including situations where it arises by way of foreign partnerships. Section 58 of Finance Act 2008 was enacted to help put that beyond doubt. As section 58 retrospectively clarified existing legislation, its introduction had no affect on any taxpayers' tax position.