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  • RE: Using Revolut to exchange off shore money trigger remittance?

    Hi, and thank you for your reply. With apologies I've read the notes several times and focused on "...Foreign income and gains are remitted to the UK if: they are brought to, or received in or used in the UK". I am not sure whether using an Interactive Brokers account solely to convert one currency to another be considered that funds are "brought" to or "received" in the UK? (the funds are clearly not used in the UK). Thanks again.
  • RE: Rental Income from Overseas Property Received as Gift sourced in Unremitted Offshore Income

    Thank you, clearly the rental income should be declared but kept off-shore. May I ask if remittance did take place what income tax rate would apply (a) the historic marginal tax rate at the time the income was generated off shore or (b) the rate at time of remittance? Thanks
  • RE: Using Revolut to exchange off shore money trigger remittance?

    Thank you so much this is most helpful. I have two follow on questions if possible: 1. If in the scenario above I were to use my online brokerage account with Interactive Brokers so that non GBP funds earned off shore on a remittance basis were to be wired from an off shore bank account onto the IBKR online platform, converted into another currency (also non GBP) and the proceeds wired out to the off shore bank account, Would that constitute remittance? 2. If the IBKR account already has funds sourced from an on shore UK bank account after fully paying UK taxes, would the wire to the platform, FX conversion and wire out described above be considered "mingling" funds and thus taint the on shore funds? If I use an IBKR clearly separated sub account would that work? Thank you in addvance.
  • Using Revolut to exchange off shore money trigger remittance?

    Hi, I have money deposited in a foreign bank account generated outside the UK in the past and reported to HMRC on a remittance basis so that none of it was ever transmitted into the UK and no income has been generated on it. Revolut is an e-money institution in the UK but they do not have a banking licence yet. Since Revolut offers competitive FX rates I want to wire foreign money from the off shore bank account into my Revolut electronic wallet for them to convert it and immediately send the converted funds back to the same foreign bank account. Would that be considered transmitting money into the UK (and subject to income tax on the remittance)? Any clue would be greatly appreciated.
  • Rental Income from Overseas Property Received as Gift sourced in Unremitted Offshore Income

    Hi, I and my mother are UK tax residents. Years ago my mother earned off-shore income when she was non domiciled in the UK and paid UK income tax on the remittance basis. The earnings were declared to HMRC under self assessment and were kept off shore. Under the remittance rules if the money was to be remitted into the UK it would have been subject to income tax at time of remittance. Years later my mother gifted to me under a deed of gift that off shore money and I purchased with it a property off shore which is let out for rent. Clearly I need to pay income tax in the UK on the off shore rental (and the gift may be subject to IHT if she dies within 7 years). I am considering bringing now the off shore rental income into the UK. The question is would that be considered remittance of my mother's original off shore funds and thus subject to double tax (a) once in respect of the remittance of the old funds and (b) income tax on the rent by me? Or is it the case that since only the fruits (rent) of the off shore money are brought into the UK these are only taxed once as rental income by me in the UK? An additional question is if in the future I sell the off shore property (assuming no capital gains for simplicity) would bringing the sale proceeds into the UK be considered remittance of my mother's old off shore money? Any thoughts are much appreciated. Thanks