We have a non-UK domiciled but UK resident client who in 2010/11 has a capital gain of some £500,000 on the disposal of an overseas property which has not been remitted to the UK. My questions are:
1. will claiming the remittance basis for 2010/11, and paying the £30,000 remittance basis charge (RBC), avoid paying Capital Gains Tax (CGT) on the overseas gain in that year?
2. If the overseas gain is remitted to the UK in a subsequent year is that then taxable in the UK or is UK CGT liability avoided in full on the £500,000 (subject to the RBC)?