Posts Tagged: offshore gains

Have you received a letter from HM Revenue & Customs (“HMRC”) entitled “Your Offshore Income or Gains”?

  HMRC are currently sending out letters to taxpayers requesting more information on overseas income and gains, which may not have previously been disclosed to HMRC.  This letter has been sent because HMRC has received information that suggests you may have overseas income or gains to declare. As you may be aware, information is provided to HMRC from a variety of sources, but these recent letters from HMRC appear to be prompted as a result of information exchange agreements the UK has entered ... Read More

Mixed Fund Cleansing: Action Required

  To recap, if you are a non-dom living in the UK, certain tax residency milestones can impact your tax status. A £30,000 charge applies to access the remittance basis for those who have been resident in the UK for some part of at least 7 out of the previous 9 tax years.  This ‘remittance basis charge’ increases to £60,000 for individuals who have been UK resident in at least 12 of the previous 14 tax years. Since 6 April 2017, a non-dom who ... Read More