The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The rules on when income and gains are remitted to the UK are explained in the When are income and gains remitted? guidance note, and you are advised to read that note first. An outline of the remittance basis can be found in the Remittance basis – overview guidance note.
The normal rule is that property brought to, or used in the UK, by or for the benefit of a relevant person is a taxable remittance, if it has been purchased out of (or derived from) relevant foreign income / gains.
However there are a number of exceptions to this general rule so that certain property can be remitted to the UK without attracting a tax charge under the remittance basis rules.
Exempt property is divided into five categories, each of which is discussed further below:
ITA 2007, s 809X
From 6 April 2012, exempt property can be sold in the UK without attracting a tax charge as long as the proceeds are taken back offshore or reinvested in a qualifying UK company within a limited period of time (see below). Sales of exempt property in the UK prior to 6 April 2012 did constitute a remittance.
From 6 April 2013, exempt property which is lost, stolen or destroyed is not treated as being in the UK from the date on which the loss etc occurs, to the date
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