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Posted Thu, 15 Jul 2021 01:40:17 GMT by yipchunyu
My wife and I should move to UK from HK early next year. We are now reviewing our assets to work out some financial plans. She has one saving insurance (which has dividend every year) and one fund which generate monthly income (but we need to pay interests for the capital) That's why we are thinking the feasibility to use the remittance basic for her taxation. Based on the information, the first 6 years (tax years? or based on calendar date we arrive) will be free of charge for choosing remittance basic for taxation. May I know any special approval procedure is required to change back to normal tax rules after first 6 years? On the 7th year, as if she move the money (after surrender the insurance policy and sell off the fund), any charge is required? Or we can record these money can be treated as clean capital? Any ideas would be greatly appreciated.
Posted Fri, 16 Jul 2021 11:02:39 GMT by HMRC Admin 9
Hi, 

HMRC cannot provide any financial planning advice. You would need to seek independant financial planning regarding this.

However, rules on the remittance basis can be found here:

RDRM30000 - Remittance Basis

and

Residence, domicile and the remittance basis: RDR1


If you need further guidance on any of the contents then please contact an advisor, as each case needs to be reviewed on an individual basis and can therefore be quite complex: 

Self Assessment: general enquiries

Thank you. 

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