Chapter 13 Overseas aspects of IT and CGT

Question 1

Who can claim the remittance basis

Answer 1

• UK residents

- Non-UK domiciled

Question 2

What is the charge for a resident between 7/9 years

Answer 2

£30,000

Question 3

What is the remittance charge for a resident for 12/14 years

Answer 3

£60,000

Question 4

What are the consequences for an individual who is on the remittance basis

Answer 4

Loss of PA

Loss of Annual exempt amount for gains

Have to pay charge.

All foreign income treated at non-savings income