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Domicile
Domicile On Hold
TIM KEELEY provides a guide to the remittance basis.
Domicile
Domicile On Hold
TIM KEELEY provides a guide to the remittance basis.
WELL THE PRE-BUDGET Report of 2 December 2004 announced no immediate changes to the taxation of non-UK domiciliaries. While only time will tell if any changes to the current UK rules will be made it is to be hoped that some form of fiscal incentive for non-permanent residents will remain. In the meantime the following summary of the taxation rules particularly with regard to the remittance basis as they apply to non-UK domiciliaries may serve as a helpful aide-memoire.
Investment income
The remittance basis embodied in TA 1988 s 65 offers advantageous treatment for the taxation of overseas income but there are practical points to remember:
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