½Û×ÓÊÓÆµ

Who can access the remittance basis (pre–2025/26)?

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance

Who can access the remittance basis (pre–2025/26)?

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
imgtext

Most people in the UK are taxable on their worldwide income and capital gains on an arising basis. This means that income is taxable when it is paid to the individual or put at their disposal, for instance, by being credited to a bank account. Gains are usually taxable when the disposal occurs. If the individual is taxable on the arising basis, they must declare all their overseas income and gains in the tax year in which this arises, even if it is not remitted (brought) into the UK.

However, prior to 6 April 2025, UK resident non-domiciliaries were taxable only on their UK income and gains arising in the UK in the tax year. They pay UK tax on foreign income and gains arising in a tax year in which they were taxed on the remittance basis only if these are treated as remitted to the UK (whether in the same tax year or a later tax year). This is the remittance basis of taxation. The conditions as to who could access

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by
  • 22 Apr 2025 10:20

Popular Articles

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more Read more

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more Read more