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STOP PRESS: The remittance basis is to be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. The legislation is included in Finance Bill 2025. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

The Offshore bonds and other foreign policies guidance note discusses what is meant by an offshore bond and a foreign policy. It explains the tax charges likely to arise, and how they should be reported on the individual’s tax return. That guidance note should be read first as the commentary below assumes familiarity with the concepts discussed in that guidance note.

This guidance note covers several more specialised areas: cluster policies, personal portfolio bonds, the treatment of some older policies and the interaction between the foreign policy rules and the remittance basis and temporary non-residence rules.