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In the first of a two-part article on the current situation regarding non-domiciliaries Lynnette Bober National Tax Consultant Smith & Williamson Ltd looks at the remittance basis charge and other matters
FA 2008 Sch 7 makes no changes to either who can potentially access the remittance basis or the principle that remittance basis users are only taxed on foreign income and foreign chargeable gains when remitted. Practically everything else however has changed. In particular the means of accessing the remittance basis and the meaning of 'remitted to the UK' have changed fundamentally. The provisions are effective from 6 April 2008.
In this article I will focus on some key practical issues with respect to the remittance basis charge and other related matters. An understanding of basic...
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