Chapter 40 - Remittance Basis Charge Flashcards
1
Q
When would the remittance basis charge?
A
If the remittance basis is claimed and the person is over 18 and has been resident in the UK for at least 7 of previous 9 tax years
2
Q
How much is the RBC?
A
£30,000
3
Q
In what circumstance would the RBC increase to £60,000?
A
Where the individual has been resident for at least 12 of the previous 14 tax years
4
Q
True or false
An individual must nominate income or gains to be subject to RBC
A
True
5
Q
If the nominated income is ever actually remitted to the UK, is it taxable?
A
No
The same income as already been taxed in the UK by way of the RBC
