Budget 2009 _ Changes to Remittance Basis Legislation
Published / Last Updated on 22/04/2009
Budget 2009 - Changes to Remittance Basis Legislation
The Finance Bill 2009 will include amendments to the Remittance Basis legislation applying to UK residents who are either not domiciled in the UK or not ordinarily resident.
The amendments include a certain amount of clarification as to:
When formal election of the Remittance Basis is not required, clarification when self assessment is not required (e.g. where there is only a small amount of overseas income)
Confirmation of the interaction between settlor interested trusts and the Remittance Basis
The treatment of Gift Aid donations from people paying the £30,000 Remittance Basis Charge; and
An extension to legislation exempting some pre 6 April 2008 income remitted as trust income.
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