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An alternative remittance basis proposal
KEY POINTS
- The existing remittance basis charge is not “fair” as the latest consultation suggests.
- New proposals would apply it for three years which may create even more unfairness.
- Legislation is planned to apply from 6 April 2015 but the consultation does not even finish until 16 April!
- Alternative of restricting the ability to opt into remittance basis once tax has been paid on an arising basis considered.
On 22 January a consultation paper was issued jointly by HMRC and HM Treasury proposing a minimum claim period for the remittance basis charge to prevent people opting in and out of it on an annual basis.
The consultation was announced in the sutumn statement including the suggestion that taxpayers would be required to stay on the remittance basis for three...
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