The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Individuals using the remittance basis of taxation are advised to set up foreign accounts correctly, and use them carefully. This note explains why this should be done and suggests which accounts may be useful.
To understand the issues involved, you should first read the Remittance basis ― nomination, charge and payment and the Remittance basis ― mixed funds guidance notes. An outline of the remittance basis can be found at the Remittance basis ― overview guidance note.
This guidance note discusses the legislation that applies from 6 April 2008, and deals only briefly with transitional rules. For the earlier rules, see RDRM36000–RDRM36470.
For commentary on the earlier rules, please click here for the pdf extract from Tolley’s Income Tax 2012/13 below:
Click here to view pdf
Setting up foreign accounts is important because:
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