HMRC has invited comments by 10 July on draft regulations relating to the business investment relief, including in the current Finance Bill, for remittances made for investment purposes.
‘The relief allows [individuals eligible for the remittance basis] to bring foreign income and gains to the UK tax free for the purposes of making a qualifying investment. If the investment subsequently ceases to qualify for the relief, the foreign income and gains will become taxable unless the investor takes certain mitigation steps within a specified period known as the grace period,’ HMRC said in a draft explanatory note.
HMRC has invited comments by 10 July on draft regulations relating to the business investment relief, including in the current Finance Bill, for remittances made for investment purposes.
‘The relief allows [individuals eligible for the remittance basis] to bring foreign income and gains to the UK tax free for the purposes of making a qualifying investment. If the investment subsequently ceases to qualify for the relief, the foreign income and gains will become taxable unless the investor takes certain mitigation steps within a specified period known as the grace period,’ HMRC said in a draft explanatory note.
