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Posted Tue, 10 Oct 2023 14:43:22 GMT by
I am not sure how to enter the "Amount of income or capital gain "in boxes 34 and 35 respectively in the SA109 pages when claiming remittance basis. However , what is "Nominated" income or capital gains figure should be entered during the first seven years before the Remittance Basis Charge imposed. Is the nominated figure represents the actual oversea income or gains arose during the tax year concern. Is there a minimum figure I need to enter into theses boxes
Posted Tue, 17 Oct 2023 07:58:17 GMT by HMRC Admin 19
Hi,

The remittance basis charge (RBC) is Income Tax, Capital Gains Tax, or a combination of both, charged on unremitted foreign income or gains on the arising basis. When you pay the RBC you must tell us on what income or gains the RBC is chargeable by nominating the appropriate income or gains. You do this by putting the amount of nominated income in box 34 or the nominated foreign gains in box 35. You tell us about your nominated income and gains in the ‘Any other information’ box, box 40.  

To work out the amount of nominated foreign income, you must convert the income into UK pounds using the exchange rate at the time the income arose. If you are not sure, you may want to speak to a financial adviser.  

If you are calculating your own tax, include the Income Tax or Capital Gains Tax elements of the RBC in your total tax amount. If you are using the ‘Tax calculation summary’ page add either £30,000 or £60,000 to the amount in box 1.  

Do not forget to show the loss of allowances and annual exempt amount in your tax calculation.  

If you are liable to pay the RBC you must put a nominated figure of at least £1 in either box 34 or 35.

Thank you.

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