remittance basis

remittance basis
England, Wales
If an individual is taxed on the remittance basis, they pay tax on their UK income and gains in the year that these arise. But they only have to pay UK tax on foreign income and gains if and when these are remitted to the UK.
Only certain individuals are entitled to be taxed on the remittance basis.
For further information see Practice note, Residence, ordinary residence and domicile: definitions and UK tax implications for individuals.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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