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2008/09 is the first time that the new remittance basis rules will be seen on a self assessment tax return. SAM HART goes back to first principles to clarify the rules
KEY POINTS
- When does the remittance basis apply?
Is the £30 000 worth paying? - When a claim to remittance basis is not required.
- The residency condition.
- Nominated income.
The 31 October deadline for the filing of 2008/09 self assessment tax returns is fast approaching and this will be the first year that the new remittance basis rules for foreign income will be seen in action on an actual tax return form.
There has also been the recent and timely issue by HMRC of Section 3 of their Residence Domicile and Remittances Manual which deals with the new law on the subject. FA 2008 Sch 7 introduced the new remittance basis rules into ITA 2007 Part 14 Ch...
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