The Remittance Basis Flashcards
The Remittance Basis
Who Can Claim The Remittance Basis?
UK Resident Who Are Non-UK Domiciled.
The Remittance Basis
How is The Remittance Basis Claim Made?
Year-on-Year Via Self-Assessment.
(s.809B Claim)
The Remittance Basis
How is Remitted Income Treated in The Tax Computation?
As Non-Savings Income.
At The ‘Top Slice’.
The Remittance Basis
What is Lost on Claiming The Remittance Basis of Assessment?
Certain Allowances.
(The Personal Allowance, Annual Exempt Amount etc.)
The Remittance Basis
When Does The Remittance Basis Automatically Apply?
When Unremitted Foreign Income And Gains is Less Than £2,000.
Allowance Are Available.
The Remittance Basis
What Constitutes as a ‘Remittance’?
Money Brought or Used in The UK.
Includes Property Brought to The UK Deriving From Foreign Income.
The Remittance Basis
When is an Individual Deemed Domicile?
Once They Have Resided in The UK For 15 of The Previous 20 Tax Years.
The Remittance Basis Cannot be Claimed.
The Remittance Basis Charge
A ‘Remittance Base Charge’ Applies When The Claimant is:
- Over 18; and
- Has Resided in The UK For 7 of The Previous 9 Tax Years.
The Remittance Basis Charge
What is The Remittance Basis Charge?
£30,000.
(Per Tax Year)
The Remittance Basis Charge
When Does The Remittance Basis Charge Increase?
Once The Taxpayer Has Resided in The UK For 12 of The Previous 14 Tax Years.
To £60,000.
