Claire Lillie (EY) sets out some proactive planning techniques that can be implemented to reduce the mixed fund burden, and some strategies that can allow for efficient UK remittances of funds to be made where needed.
Back to basics: what is a mixed fund?
Mixed funds can only be created by UK tax resident non-UK domiciled individuals who have made use of the remittance basis of taxation.
Mixed funds arise when the same fund (e.g. a bank account or a shareholding) contains more than one type of income and/or capital and/or the same type of income or capital from more than one tax year. A typical example is a non-UK bank account receiving an individual’s non-UK earnings generating non-UK interest on cash balances and perhaps receiving non-UK dividends and non-UK chargeable gains. Non-UK investment portfolios will often contain mixed funds ...
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Claire Lillie (EY) sets out some proactive planning techniques that can be implemented to reduce the mixed fund burden, and some strategies that can allow for efficient UK remittances of funds to be made where needed.
Back to basics: what is a mixed fund?
Mixed funds can only be created by UK tax resident non-UK domiciled individuals who have made use of the remittance basis of taxation.
Mixed funds arise when the same fund (e.g. a bank account or a shareholding) contains more than one type of income and/or capital and/or the same type of income or capital from more than one tax year. A typical example is a non-UK bank account receiving an individual’s non-UK earnings generating non-UK interest on cash balances and perhaps receiving non-UK dividends and non-UK chargeable gains. Non-UK investment portfolios will often contain mixed funds ...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
