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My client is not domiciled in the UK and based on the latest calculations of ‘midnights in the UK’ he has not been resident in the UK for more than seven tax years out of the previous nine. He has always been taxed on the remittance basis before 6 April 2008.
His overseas income and gains in 2008/09 are probably less than £2 000 (I have not quite finalised his tax return yet) but that figure could be borderline. However he does have overseas capital losses and is likely to generate further overseas capital losses in 2009/10. There is also likely to be a UK capital gain in 2009/10.
My client would like to set his overseas losses against his UK gains. Can he do this if he has ‘automatic’ remittance basis use for 2008/09 or 2009/10 or only if he ‘claims’ remittance basis use for...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
