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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.

Most people in the UK are taxable on their worldwide income and capital gains on an arising basis. This means that income is taxable when it is paid to the individual or put at their disposal, for instance, by being credited to a bank account. Gains are usually taxable when the disposal occurs. If the individual is taxable on the arising basis, they must declare all their overseas income and gains in the tax year in which this arises, even if it is not remitted (brought) into the UK.

However, UK resident non-domiciliaries are taxable in the UK on their UK income and gains alone.