The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note considers how to make a formal election for the remittance basis and the consequences of making that election.
An outline of the remittance basis can be found at the Remittance basis ― overview guidance note. For the machinery of the charge, including nomination and payment, see the Remittance basis ― nomination, charge and payment guidance note.
A discussion of what is meant by a remittance can be found in the When are income and gains remitted? guidance note.
Before you consider whether your client needs to elect for the remittance basis, you should also check whether he is entitled to it automatically. This applies where, in relation to a given tax year, the individual meets any of the following tests:
* Note that these latter two automatic remittance basis cases are affected by the abolition of income tax at source on UK interest with effect from 6 April 2016.
These automatic bases are discussed in the Automatic remittance basis guidance note.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
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