Final sittings of the Public Bill Committee debates on the Finance Bill

The second sitting of the Public Bill Committee’s debate on the Finance Bill continued its scrutiny of the non-dom changes with a debate on clauses 40 to 42 covering the withdrawal of the remittance basis.

Exchequer secretary to the Treasury James Murray confirmed that the remittance basis would be abolished from April 2025 and replaced with a ‘new internationally competitive residence-based regime’. He added that although no new claims can be made from then foreign income and gains that have arisen through a remittance basis before 6 April 2025 will continue to be taxed at the prevailing tax rates if remitted to the UK on or after this date.

He explained that clause 41 and Sch 10 introduce the new temporary repatriation facility for individuals who had previously claimed a remittance basis. Through this they will be able to designate and remit foreign income and...