Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 25 Feb 2023 16:20:59 GMT by Seixybeast
Based on my understanding, if funds are remitted from a mixed fund account, the order in which the money will be remitted to the UK is as follows: income first, gains second, and capital last. The relevant dates for this process are the day the individual entered the UK and the day they became a tax resident in the same year. In the event that an individual remits funds from a foreign bank account to the UK, they will need to calculate the amount of income and gains the account has had since: the day they moved to the UK and the day they remitted the funds to the UK. This will determine the amount of income and gains that HMRC will tax. I'm i making any sense?
Posted Fri, 28 Jul 2023 01:25:19 GMT by mary man
I have two accounts: account A, which receives income, and account B, which generates interest with capital. If funds are remitted from account B, what will be the order of calculation in this account? Will gains be calculated first, or will the income from account A also be considered first?
Posted Thu, 03 Aug 2023 14:39:12 GMT by HMRC Admin 20
Hi mary man,

Please refer to guidance at Remittance basis 2023 (HS264)

Thank you.
Posted Mon, 21 Aug 2023 15:48:21 GMT by mary man
Hello HMRC, I have two bank accounts containing a mixed fund. One consists of capital + interest, while the other comprises salary + interest. I am aware that the sequence for applying ordering rules is as follows: income first, gains second, and capital last. In the event that I transfer money from the capital + interest account, will the salary in the other account be considered in the ordering rules? I apologize for not being able to locate the answer within the Remittance Basis 2023 (HS264) document.
Posted Thu, 24 Aug 2023 14:36:54 GMT by HMRC Admin 25
Hi mary man,
Please refer to:
RDRM35130 - Remittance basis: amounts remitted: remittances of 'nominated' income or gains: order of remittances
Thank you. 

You must be signed in to post in this forum.