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Remittance Basis


In order to avoid double taxation, the remittance basis of taxation has existed whereby you pay UK tax on UK income and gains for the tax year in which they arise, but you only pay UK tax on foreign income and foreign gains if and when they are brought ('remitted') to the UK. The remittance basis is only available for tax years up to and including 2024/25 and requires that you are resident but not domiciled (or deemed domiciled) in the UK.  The remittance basis of taxation can either be claimed, or can apply automatically in certain circumstances, however, is generally a complex matter that requires specialist advice.