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The decision of whether or not to make an overseas capital loss election is not straightforward
KEY POINTS
- Remittance basis and losses.
- Capital loss election is irrevocable.
- Effect on UK losses.
- Deadline for remittance basis claimants.
Since April 2008 there have been significant changes to the way non-domiciled individuals have been taxed in the UK. Until 5 April 2008 a loss accruing to non-domiciled individuals on the disposal of a foreign asset was not available in the UK under any circumstances.
Now non-domiciled individuals claiming the remittance basis can make an election to use their foreign losses in the UK. However once made this election is irrevocable and fundamentally alters the way losses are relieved while claiming the remittance basis.
For everyone who claimed the remittance basis in 2008/09 the deadline for making the election is 5 April 2013. This article will consider some of the key...
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