38. REMITTANCE BASIS Flashcards
1
Q
what is remittance basis
A
UK residence who is non-UK domiciled can only pay tax on income ‘remitted’ (brought over) to the UK
2
Q
how is remittance income taxed
A
assume all income that is remitted is non-savings income (20/40/45%)
3
Q
how does one calculate the personal allowance for remittance income
A
no PA or CGT exempt amount
4
Q
what is max figure for foreign income before need to claim remittance
A
2k
