Rebecca Sheldon (Old Square Tax Chambers) considers the proposals from the Conservative Party that give a broad indication as to how the new regime is intended to operate, and what might be expected if the Labour Party wins the General Election.
The current position
Broadly the current position is that UK resident UK domiciled individuals pay income tax and CGT in the UK on the arising basis on their worldwide income and gains. UK resident non-domiciled individuals can opt to pay income tax and CGT in the UK on the remittance basis following a claim under ITA 2007 s 809B. There is also a de minimis remittance basis where unremitted income and gains are less than £2 000 (ITA 2007 s 809D). When a claim is allowed the personal allowance and annual allowance are lost. There is an increasing remittance basis charge after seven years and twelve...
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Rebecca Sheldon (Old Square Tax Chambers) considers the proposals from the Conservative Party that give a broad indication as to how the new regime is intended to operate, and what might be expected if the Labour Party wins the General Election.
The current position
Broadly the current position is that UK resident UK domiciled individuals pay income tax and CGT in the UK on the arising basis on their worldwide income and gains. UK resident non-domiciled individuals can opt to pay income tax and CGT in the UK on the remittance basis following a claim under ITA 2007 s 809B. There is also a de minimis remittance basis where unremitted income and gains are less than £2 000 (ITA 2007 s 809D). When a claim is allowed the personal allowance and annual allowance are lost. There is an increasing remittance basis charge after seven years and twelve...
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