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Keep or bin?
Key points
- Non-UK domiciled individuals who do not meet ITA 2007 s 835BA condition A or B can choose to be taxed on foreign income and gains on remittance to the UK.
- A remittance includes money or other property brought to or received or used in the UK by or for the benefit of a relevant person and services provided in the UK.
- The Labour party has used a Warwick University and London School of Economics research paper to propose the abolition of the remittance basis for non-doms to finance key sectors.
- In 2020 around 2 000 non-doms who had lived in the UK for at least seven years had enough foreign wealth to make it worth them paying the fixed RBC rather than being taxed on their foreign income and gains.
- Individuals wealthy enough to generate annual income of more than £2.75m are well placed...
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