If you are not UK domiciled, you will only benefit from the remittance basis if your unremitted overseas income and gains are less than £2,000 or you make a claim. This claim will deny you personal allowances and capital gains tax annual exemption, and might also trigger a £30,000 tax charge.
All income remitted to the UK is liable to tax in the UK, irrespective of the basis on which you are taxed.
You might wish to review your tax position in the light of this, especially if you have been resident in the UK for several years, as you might in future be liable to the remittance basis charge of £30,000.
Tags: higher tax rate, Offshore, Personal tax returns, tax relief
{Amazing|Interesting} that I came across this…
I was just talking about this just a few days again and just happened to come across this….