Remittance basis, personal allowances and tax band

Hello, I am a non-domiciled tax resident this year. I note that if the remittance basis is claimed, personal allowances of GBP12,570 will be lost as a result. If I only have savings interests and dividends (some from UK bank accounts and some from foreign bank accounts) in 2023-24 (i.e. no wages from employment in UK), will the Higher Rate tax band of 40% apply when my total savings interests and dividends this year are over GBP50,270, or over GBP37,700? Thank you.

Hi,

If no personal allowance is due, the higher rate will apply to you at £37701 and above.

Thank you

Hello, For FY 2023-24 assuming i am a UK tax resident, non-domiciled and with unremitted foreign income/gains. I am planning to opt for remittance basis taxation, and since my unremitted foreign income/gains > £2,000, i understand i will lose out on my personal allowance of £12,570. Additionally, i am expected to have a total UK income/gain around £75,000. I want to understand how will my tax liability be calculated. option 1 : 20% tax on £0 - £50,270 and 40% tax on £50,271 - £ 75,000 OR option 2 : 20% tax on £0 - £37,700 and 40% tax on £37,701 - £75,000

Hi gupavanish16,
Option 2 will apply as you do not have the personal allowance.
Thank you.