(clip-23) Remittance Basis Charge

If an individual who is a UK tax resident but non UK domicile are claiming remittance basis, they may have to pay remittance basis charges if they have been a long term UK tax resident.

They will have to pay at least 30,000 pounds remittance basis changes if they have been a UK resident for 7 out of 9 tax years. If they have been resident for 12 out of 14 tax years, they may have to pay 60,000 pound remittance basis changes. For an individual who has been tax resident for 17 out of 20 tax years, they may have to pay 90,000 pounds remittance basis charges.

This remittance basis charge is in addition to the income tax they have to pay on their remittances from overseas income and gains.

Please contact the team at IBISS & CO for assistance and for more information: 0203 808 0999, [email protected]

Link: http://www.ibissandco.com/