Jurisdiction(s):
United Kingdom

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Key definition

Rebasing election definition

What does Rebasing election mean? In UK trust taxation practice, a rebasing election is a statutory choice available to trustees of non‑resident (offshore) trusts to mitigate section 87 Taxation of Chargeable Gains Act 1992 matching charges on UK‑resident, non‑UK‑domiciled beneficiaries. Where a beneficiary receives a capital payment that is matched with trust gains realised on or after 6 April 2008, but which partly or wholly accrued before that date, the election allows only the post‑6 April 2008 element to be available for matching. This relieves the pre‑2008 element from a UK beneficiary‑level charge. Introduced by the Finance Act 2008 reforms to the offshore trust CGT...

UK offshore trusts: rebasing elections—conditions, timing, capital payments, TCGA 1992 ss 87, 3, 43 and 90, transfers, remittance interactions, and abolition of the remittance basis from 6 April 2025

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Practice notes

ARCHIVED:

This archived Practice Note reviews the pros and cons for trustees of making a Rebasing election under Finance Act 2008, Sch 7 Pt 2, para 126, and sets out the steps required. It further considers rebasing elections under section 3 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) for gains arising in underlying companies, and TCGA 1992, section 43 on assets traced from other assets and movements between trusts. It also explains the implications of rebasing elections for those using the remittance basis.

Abolition of remittance basis from 6 April 2025

The remittance basis for UK-resident, non-domiciled individuals ceased on 6 April 2025. The final year in which it could be claimed is the 2024–25 tax year. From 6 April 2025, a new four-year arrangement—often called the foreign income and gain (FIG) regime—applies, granting 100% relief on eligible FIG to new arrivals during their first four years of UK tax residence, provided they were not UK tax resident in any of the ten tax years immediately before arrival...

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Web page updated on 21/05/2026

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