The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The Remittance basis ― formal election guidance note explains who can make an election for the remittance basis, and the consequences of making the election. You are advised to read that guidance note first.
This note covers the machinery of the remittance basis charge, including nomination and payment.
An outline of the remittance basis can be found in the Remittance basis ― overview guidance note. A discussion of what is meant by a remittance can be found in the When are incomeand gains remitted? guidance note.
Individuals who have been resident in the UK for at least seven out of the last nine tax years and who are over the age of 18 have to pay an annual charge to use the remittance basis. These are known as long-term residents. The amount of the charge depends on the length of time the individual has been resident in the UK:
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