Skip to main content

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

Posted Wed, 28 Jun 2023 17:17:36 GMT by Ugo A
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.
Posted Wed, 05 Jul 2023 14:41:07 GMT by HMRC Admin 5
Hi,

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

Thank you
Posted Tue, 20 Feb 2024 09:00:35 GMT by
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
Posted Wed, 21 Feb 2024 10:51:19 GMT by HMRC Admin 25
Hi gupavanish16,
Option 2 will apply as you do not have the personal allowance.
Thank you. 

 

You must be signed in to post in this forum.