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TIM KEELEY urges advisers to ensure that claiming the remittance basis will be advantageous
KEY POINTS
- Does the remittance apply automatically or must it be claimed?
- Compare the tax increase against the allowances lost.
- Nominated income and gains should be segregated from overseas income.
- Using unremitted income to purchase investments may lead to problems.
If despite the new legislation enshrined in FA 2008 Sch 7 you still act for non-UK domiciled or non-UK ordinary resident individuals who have decided not to vote with their feet the three flowcharts in this article may help you to guide your clients on the following key points:
- whether they can claim the remittance basis
- if they can whether it is wise to do so.
As will be seen the second of these points has potentially far reaching consequences for tax planning especially...
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