Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Remittance basis definition

What does Remittance basis mean? A method of taxing a resident but non‑domiciled individual so that foreign income and foreign chargeable gains are taxed only when money, assets or value are brought to, used in or enjoyed in the jurisdiction (a “remittance”). United Kingdom: The remittance basis is a statutory regime in the Income Tax Act 2007 and the Taxation of Chargeable Gains Act 1992, applying across England and Wales, Scotland and Northern Ireland. It is usually claimed via Self Assessment (except where unremitted foreign income and gains are under £2,000, which applies automatically). Claiming generally forfeits the personal allowance and the CGT annual exempt amount,...

UK Business Investment Relief (remittance basis): clawback events, extraction of value, mitigation deadlines, mixed funds interaction and CGT—archived following FA 2025

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Practice notes

ARCHIVED

This archived Practice note reviews the clawback of business investment relief (BIR), the remittance relief for investment into UK companies. It covers:

extraction of value
how to avoid a chargeable remittance after a potentially chargeable event
the order in which disposals are treated
the interaction with the mixed funds rules
the capital gains tax (CGT) position

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

The Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, legislates to abolish the remittance basis of taxation and introduce a residence-based regime from 6 April 2025. FA 2025 also replaces domicile as the key criterion for inheritance tax liability. Additional changes include amendments to the excluded property rules, removal of protected settlements status for offshore trusts, and revisions to overseas workday relief. For details on these reforms, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025...

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Web page updated on 22/05/2026

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