Filename: Action needed by non-domiciled UK residents claiming the remittance basis.pdf

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From 6th April 2008 significant changes have been made to the way non?domiciled UK residents are taxed.  Previously, all non?doms were free to claim the ‘remittance basis’ of tax without charge which meant that their non?UK income and capital gains were only taxed when and if they were remitted to the UK. Now, however, if you are a non?dom and have been a UK resident for seven or more of the last nine years, you will need to pay a ‘remittance basis charge’ (RBC) of £30,000 for each tax year in which you wish to claim the remittance basis.

This Taxflash provides a summary of actions that may be needed by non?domiciled UK residents claiming the remittance basis.