remittance basis

I am a BNO visa holder and have been UK resident for nearly 4 years. I do not have a job and just have saving interests. I am quite confused on how to calculate the tax even though I have gone through the HRMC website. Assuming I have saving interests which are generated locally and from Isle of Man as well as capital gain from sale of US stocks. I would like to know if my understand is correct if i claim remittance basis for tax purpose. 1. Is saving interest from banks in Isle of Man and proceeds from sale of US stock and the dividends regarded as foreign income? 2. If i claim remittance basis, I understand I will loss my Personal Allowance and well as capital gain allowance. Am I still eligible for saving allowance of 5000+1000?

Hi Win,
Here is our response to your questions:
1. yes   2. yes
Thank you.

Thanks. Though I have searched info on various websites, but couldnt find answers to the below. Would you please help clarify? 1. Are saving interests in GBP (local currency) generated from Lloyds International with head office in Isle of Man regarded as foreign income if i claim remittance basis? 2. I understand that capital gains from sale of US stock is regarded as foreign income. However, is it subject to capital gain tax even though I haven't remitted the gains into UK? 3.I have foreign currencies in my IBLLC account. Are the gains in FX regarded as capital gains even though I am not trading, just have the foreign currencies as savings, to buy stocks and to finance my living? 4. I understand that I being a BNO visa holder can claim remittance basis for 7 years. I entered UK in Mar 2021 and only claim remittance basis this year 2023 - 2024, does it mean that I can claim remittance basis till the tax year 2028-2029 (calculated from the date I entered UK) or 2030-2031 (from the date I claim remittance basis)? Many thanks and looking forward to your reply.

Hi Win CHAN,
1. If paid in sterling, it is UK income.
2-4. Please refer to:
Paying tax on the remittance basis (Self Assessment helpsheet HS264
HMRC canot comment on future events as legislation and/or plans may change.
Thank you. 

Sorry i feel confused about your answers. I actually browsed through the HRMC and other websites before asking the question. But most of it said income generated offshore is regarded as Foreign Income no matter they are in GBP or other currencies. The HRMC's website also states that "Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign....." Would you please clarify again?

Hi,

IF living in the UK, income from Isle of Man and Channel Islands is classed as foreign income and you would therefore only declare this if you remit it to the UK.

Thank you.