Chapter 39 - The Remittance Basis Flashcards
1
Q
In what circumstance can a claim for the remittance basis be made?
A
Where a UK resident individual is non-UK domiciled
2
Q
How is foreign income taxed on the remittance basis & at what rates?
A
As non-savings income
20%, 40%, 45%
3
Q
How is the personal allowance / CGT annual exempt amount treated when the remittance basis is claimed?
A
They are not available for that year
4
Q
True or false
Where an individual’s unremitted foreign income is less than £2,000, the remittance basis automatically applies
A
True
5
Q
How are foreign dividends treated?
A
At rates of 20%, 40% & 45%
They must be grossed up to account for any foreign withholding tax
