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MALCOLM FINNEY considers the implications of non-UK domiciles accessing offshore monies following FA 2008
KEY POINTS
- The effect of FA 2008 on identifying remittances.
- Income or gains that have been alienated or gifts of assets may be remittances.
- A worked example.
- The transitional provisions.
- The continuing need to segregate income and gains.
This article examines the new remittance rules for those non-UK domiciled but UK resident individuals who post-FA 2008 are required to formally lodge remittance basis claims. Hereafter the term 'the individual' will be used to refer to such individuals.
Remittances to the UK
The non-UK domiciled but UK resident individual is subject to income and capital gains taxes on overseas income and capital gains (hereafter referred to as 'income or gains') only as and when any part (or the whole) of the income and/or gains are 'remitted' to the UK. It is...
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