Without proactive and due consideration, remittances to the UK from a mixed fund can often leave individuals in an undesirable UK tax position, and faced with the onerous task of having to complete a complex analysis to determine the constituent parts of the fund immediately before the time of remittance. In this article, I discuss some proactive planning techniques that can be implemented to reduce the mixed fund burden, and some strategies that can allow for efficient UK remittances of funds to be made where needed. Additional consideration has to be given for those now deemed domiciled in the UK, where complex rules still apply, and who are likely to want to access more recent non-UK money which is fully taxable in the UK once the remittance basis is no longer available.
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Without proactive and due consideration, remittances to the UK from a mixed fund can often leave individuals in an undesirable UK tax position, and faced with the onerous task of having to complete a complex analysis to determine the constituent parts of the fund immediately before the time of remittance. In this article, I discuss some proactive planning techniques that can be implemented to reduce the mixed fund burden, and some strategies that can allow for efficient UK remittances of funds to be made where needed. Additional consideration has to be given for those now deemed domiciled in the UK, where complex rules still apply, and who are likely to want to access more recent non-UK money which is fully taxable in the UK once the remittance basis is no longer available.
If you are not a subscriber, subscribe now to read this content.
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