I have a client who is resident, ordinarily resident, but non-domiciled in the United Kingdom. She is therefore taxed on her foreign income on the remittance basis. Her offshore portfolio manager who has set up two accounts, one called 'capital' and one called 'income', each with a separate offshore banker.
The original capital was put into the capital account. The interest earned on the capital account is automatically transferred into the income account, without physically being credited to the capital account.
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