Currently if you are non-domiciled in the UK and making a claim to pay tax on the remittance basis you will either be claiming:
- Paying £30,000 remittance basis charge
- Paying £50,000 remittance basis charge
|No . of years in the UK||Remittance basis charge (£)|
|7 out of last 9 years||30,000|
|12 out of last 14 years||60,000|
|17 out of last 20 years||90,000|
In addition to the above the government is consulting on making the election apply for a minimum of three years.
The government have not drafted legislation to the above changes and we do not believe that this will be coming into effect in 2014/15.