When are income and gains remitted?

Produced by a Tolley Employment Tax expert

Employment Tax

Guidance

STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would 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. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

What is a remittance?

An individual remits foreign income or gains where money (or more widely, property) is brought to, received or used in the UK. The funds or assets may be used in the UK for the individual’s own benefit or the benefit of a relevant person. A relevant person is broadly someone associated with them and is defined below.

Who is a relevant person?

A relevant person includes the following:

1)
the individual
2)
spouse, for this purposes including a civil partner or cohabitant
3)
child or grandchild of the individual or of a spouse or partner as in (2), if

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