With more examples emerging of HMRC seeking information about non-UK assets to check there are no remittances, Richard Clarke notes non-doms may be forced to review these to ensure compliance.
The general rule of thumb with very limited exceptions is that a non-domiciled individual who claims the remittance basis of taxation is subject to UK tax on their UK source income and gains and on foreign source income and gains remitted to the UK. For this privilege the non-domiciliary will pay the £30 000 remittance basis charge soon to rise to £50 000 for those who have been resident for 12 years or more.
The remittance basis is undoubtedly a major attraction of the UK tax system for many non-doms. The re-drafting of the rules in...
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