The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
An individual remits foreign income or gains where money (or more widely, property) is brought to, received or used in the UK. The funds or assets may be used in the UK for the individual’s own benefit or the benefit of a relevant person. A relevant person is broadly someone associated with them and is defined below.
A relevant person includes the following:
spouse, for this purposes including a civil partner or cohabitant
child or grandchild of the individual or of a spouse or partner as in (2), if that child or grandchild is under 18
a trust where the individual or other relevant person is a beneficiary
a company connected with a trust as in (4)
a close company of which the individual or other relevant person is a shareholder, or a company which is a 51% subsidiary of such a close company
ITA 2007, s 809M
A close company is defined as a company which is controlled by:
five or fewer shareholders
shareholders all of whom are directors
CTA 2010, s 439
HMRC provides a very useful practical list at RDRM33050 which includes the following:
Examples of remittances include the withdrawal of cash from an overseas bank account which is brought to the UK when the individual comes to (or returns to) the UK. Alternatively, the rental of an overseas property, with the rent received on the property being paid direct to a UK bank account.
An example of a remittance would include the purchase of a property overseas with foreign income. The property is then sold at a profit and the sale proceeds are brought to the UK. The funds
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