Overseas IT Flashcards
(6 cards)
1
Q
How do you tax an individual who is claiming the remittance basis
A
No PA
Only tax on UK income and Overseas income remitted to UK
Apply remittance charge
No DTR
2
Q
How do you tax an individual who has O/S income but is not claiming the remittance basis
A
Arising basis, tax as normal
Allowed PA
3
Q
How do you tax someone who is resident and domiciled
A
Arising (normal)
4
Q
What is the arising basis
A
UK tax on overseas income, deduct DTR
5
Q
What is the remittance basis
A
Auto applies if unremitted O/S income <2k
If it applies the non dom resident remains entitled to a PA and O/S income is only taxed when remitted to the UK
6
Q
What does claiming the remittance basis mean
A
When it doesn’t apply automatically
Not entitled to a PA
