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
are under 18 at the end of the year, have no more than £100 of UK taxed investment income, and no other UK taxable income, and do not remit any relevant income or gains to the UK, or
have been resident in the UK for not more than six out
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