ARTICLE · 08 MARCH 2012

Uk Resident Foreign Domiciliaries

Smith & Williamson

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As part of the 23 March 2011 Budget, the Chancellor announced plans to increase the existing £30,000 remittance basis charge referred to in this Briefing Note to £50,000 for longer term UK residents – being those who have been UK tax resident in at least twelve of the previous fourteen tax years.

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Smith & Williamson

The remittance basis charge

Please note the following:

As part of the 23 March 2011 Budget, the Chancellor announced plans to increase the existing £30,000 remittance basis charge referred to in this Briefing Note to £50,000 for longer term UK residents – being those who have been UK tax resident in at least twelve of the previous fourteen tax years. The £30,000 charge will remain for those UK tax resident in at least seven of the previous nine tax years who do not qualify for the higher £50,000 charge.

In addition foreign income and gains remitted to the UK for the purpose of a qualifying investment in specific types of unlisted companies or those listed on an exchange-regulated market (such as AIM or PLUS Quoted), will not be subject to tax The intention is to permit funds to be remitted for commercial investment in the UK.

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