The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Individuals who are UK resident and not domiciled or deemed domiciled in the UK can use the remittance basis of taxation to ensure that they are only taxed on their foreign income and gains in the UK to the extent these are remitted to the UK. See the Remittance basis ― overview and Who can access the remittance basis (2013/14 onwards)? guidance notes.
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.
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:
property that meets the public access rule
clothing, footwear, jewellery and watches which meet the personal use rule
property of any description which meets the repair rule
property of any description which meets the temporary importation rule
property where the notional remitted amount is less than £1,000
ITA 2007, s 809X
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).
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 on which compensation is received or the property is recovered. If the property and / or the compensation is taken offshore within 45 days of
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