The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note explores whether those who are entitled to use the remittance basis should do so. Before this question can be answered, the individual needs to understand:
the scope of the remittance basis
whether they have to make a claim for the remittance basis, and
whether they have to pay the remittance basis charge for making a claim
The decision as to whether to use the remittance basis is made on an annual basis. If an individual chooses not to use it, then they will be taxable in the UK on their worldwide income and gains using the arising basis of assessment, as if they were resident and domiciled in the UK.
This means the individual must declare all their overseas income and gains in the year in which they arise, even if none of it is brought into the UK.
Certain individuals are taxable in the UK on their UK income and gains alone, and pay UK tax on foreign income and gains only if these are remitted (brought) to the UK. This is the remittance basis of taxation. Depending on the circumstances, the individual may have to pay a charge to use the remittance basis (see below).
UK resident and non-domiciled individuals have always been able to access the remittance basis and can do so on their foreign income and gains. However, from 2017/18 onwards, to access the remittance basis they must also not be deemed domiciled in the UK. The only exception to this rule is where the individual has unremitted income and gains of less than £2,000; they can continue to access the automatic remittance basis even if they are deemed domiciled.
For more information, see the Remittance basis ― overview and Who can access the remittance basis (2013/14 onwards)
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