about the 4-year FIG regime

I am eligible as a "new 4-year FIG regime" from tax year 2021 per announced in recent budget, please help to clarify below questions: 1. can I claim back the tax on my foreign income which already reported in the tax year 2022-2023? 2. can I choose to be taxed under the new 4-year FIG regime for the current tax year 2023-2024? 3. if I choose to be taxed in the new 4-year FIG regime in future, and I have both UK income and foreign income, is it true that I can keep the Personal Allowance for the UK income while waived the tax of foreign income? Thanks.

Hi YY WONG,
If you have declared overseas income / capital gains in a self assessment tax return and have paid tax on that overseas income / capital gains and there is a tax treaty between the UK and the other country, you can claim a foreign tax credit in your tax return for tax paid overseas.  
The new rules take effect from 6 April 2025, so cannot be applied to any tax year prior to 6 April 2025.  If an individual chooses to be taxed under the new 4-year FIG regime, they will lose entitlement to personal allowances and the capital gains tax annual exempt amount. 
Thank you.

 

Hello, If I subscribed the 4yr FIG regime, then I sold my oversea property subsequently, I do not need to pay CGT and at the same time, I will not have CGT allowances for my other capital gains in the same year. However, I can still enjoy my personal allowances for income tax for that year. Am I correct?

Hi,
Detail on the Government's intended changes to the rules for non-domiciled individuals is set out here:
Technical note: Changes to the taxation of non-UK domiciled individuals
We are unable to provide any further detail on how these changes will apply to an individual’s personal circumstances at this time. Policy is still being written and may change. 
Thank you.