A, a non dom was resident in UK for many years and had used the remittance basis to keep gains/income offshore.
Let us assume that all the funds are now mixed funds.
She then left the UK and became a non resident - let us say in 6 April 2018.
Until what period must she wait till her offshore mixed funds are considered "clean capital" and can be remitted to the UK without tax consequences? Is it 5 years of non residence - so after 5 April 2023?
Does it matter whether the funds are remitted before or after becoming a UK tax resident again?
Where do I find the relevant rule in tye Inspectors manual.
Grateful for any help!
Thanks
J
Replies (4)
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JoeP2, Member Since: 24th Apr 2022.Let us assume that all the funds are now mixed funds. .... let us say in 6 April 2018.
Let us assume that you are neither an accounting nor finance professional.
Three tips: start with the legislation, not HMRC manuals; note your research and reasons to date in the question; and check if a similar question was asked on here in the past (clue: a few weeks ago).
Following an old thread? Why?
Telling us you are following? Why?
More importantly you need to be asking an Accountant/tax advisor and paying for such specialist advice. This forum cannot provide such specialist advice, especially when it’s ‘needed’.