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UK-resident Foreign Domiciliaries

Lynnette Bober National Tax Consultant at Smith & Williamson provides a run-down of salient points to remember in the January rush
The remittance basis regime changed fundamentally with effect from 6 April 2008 meaning that 2008/09 is the first tax year for which the new remittance basis regime applies. This article seeks to highlight some time-critical issues and provide an overview of some key practical points pertaining to the completion of 2008/09 tax returns for UK-resident foreign domiciliaries. An understanding of the main Finance Act 2008 (FA 2008) changes and the Finance Act 2009 (FA 2009) modifications is assumed.
There are particular issues with respect to foreign currency. There have been ongoing discussions with HMRC on these issues and HMRC guidance is now available to view...

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