HM Revenue & Customs announces changes to their interpretation of the “remittance basis”

Under the remittance basis UK resident but not UK domiciled persons, “nondoms”, can take advantage of an alternative basis of taxation, commonly called the remittance basis. Where the remittance basis is claimed foreign sources of income or gains are not subject to UK tax unless they are actually remitted, used or enjoyed in the UK.  Borrowing…

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