The remittance basis - an outline guide
UK residents who are domiciled in the UK are liable to UK income tax and capital gains tax (CGT) on a worldwide basis. By contrast, UK residents who are not domiciled in the UK may restrict their liability to UK income tax and CGT by electing for the "remittance basis" of taxation.
The practical effect of this is that such individuals are not liable to UK tax on foreign income or gains unless the foreign income or gains are "remitted" to the UK.
For an overview of the complex concept of "remittance", click below to review our latest guide.
Outline guide to the remittance basis - 320.7 KB
Related in depth posts
In the coming months, HMRC will start a new ‘nudge letter’ campaign to individuals who HMRC believes have made a taxable residential property disposal either in the UK or overseas without correctly declaring the disposal on their tax return.
How will a Covid second wave affect EU citizens when the transition EU/UK transition period comes to an end?
The Art and Cultural Property team maintains its high ranking in the 2021 Legal 500 directory