The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note explains a particular election that can be made by non-domiciled individuals who claim the remittance basis. For an explanation of the meaning of non-domiciled, see the Domicile guidance note. For an introduction to the remittance basis, see the Remittance basis ― overview guidance note.
For details of the interaction with the deemed domicile provisions from 6 April 2017, see the end of this guidance note.
In the absence of an election, there is no relief for the foreign capital losses of a non-domiciled individual who has accessed the remittance basis, as it is not possible to remit a loss.
From 2008/09 onwards, a non-domiciled individual who claims the remittance basis under ITA 2007, s 809B, can make a one-off foreign capital loss election. The capital loss election must relate to the first tax year for which a remittance basis claim is made.
The deadline for the election is four years from the end of the relevant tax year. Therefore, individuals who claimed the remittance basis for 2008/09 (the first year in which the rules changed) had until 5 April 2013 to make the election:
TCGA 1992, s 16ZA(4); TMA 1970, ss 42, 43
Individuals are automatically within the remittance basis if they:
have unremitted income or gains of £2,000 or less in the tax year
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