J Chen

1. I do not need to file foreign dividend/interest income if it is below the corresponding tax allowance, right? 2. To be more precise on my original case. I am a non-UK domiciled but UK tax resident in this tax year, and I am basic tax payer. I have the following foreign income and gains in the coming tax year (2023/2024): a) I have foreign interest income of £200 and nil domestic interest income. The foreign income is remitted to the UK. b) I have foreign dividend income of £500 and domestic dividend income of £200. The foreign income is remitted to the UK. c) I own an unincorporated business providing consultancy service. The annual profit is expected to be below £2,000. The profit is not remitted to the UK. Question: Can I use the the interest/dividend tax allowance for foreign interest/dividend income? Shall I use remittance basis for the unincorporated profit as the profit is under £2000 in the same year?

I found this example in HMRC website: Example 1 Jason has been UK resident for 12 years; he remains non-domiciled in the UK. In 2012-2013 Jason has total foreign income and gains of £80,000 for the tax year. During that tax year he brings £78,500 of it to the UK. This money is liable to UK tax upon remittance. This leaves £1,500 ’un-remitted’ (also refer to RDRM31190 exchange rates). As this is less than the £2,000 threshold he can use the remittance basis without making a claim under ITA09/s809B for the relevant tax year if he so wishes. He does not lose his personal allowances, or his Annual Exempt Amount. Although he is a long-term resident he is not liable to the Remittance Basis Charge. However Jason will likely need to complete a self-assessment Tax Return as the £78,500 remittance to the UK will need to be returned. My question is: how the £78500 is taxed in the above case? Remittance basis as well and subject to RBC? Or treat as if UK income/gain. Please advise.

I am a non-UK domiciled but UK tax resident in this tax year. I have foreign interest income and foreign dividend for my personal accounts, and plan to report to HMRC on arising basis. At the same time, I own an unincorporated business providing consultancy service. As the profit of the unincorporated business is expected to be below 2000 sterlings, which will not be remitted to the UK, I plan to use remittance basis for the gain of this unincorporated business. Can different treatments be applied (arising basis for dividend/interest income, but remittance basis for unincorporated gain) in my case? Please advise.