Non Dom remittance basis user.- clean capital

when do mixed funds become clean funds, if ever?

Didn't find your answer?

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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By Wanderer
25th Apr 2022 02:34

JoeP2 wrote:

Let us assume that all the funds are now mixed funds. .... let us say in 6 April 2018.

JoeP2, Member Since: 24th Apr 2022.
Let us assume that you are neither an accounting nor finance professional.
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By leeanthonyblackshaw
25th Apr 2022 07:29

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).

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By programmer
12th Jun 2022 11:41

Hi, I need answer to the same question, following this thread now.

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Replying to programmer:
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By Leywood
12th Jun 2022 12:47

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’.

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