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  • FIG & abolishment of remittance basis

    23/24 will be my 6th year of being a UK tax resident. I've previously filed taxes on both the arising and remittance basis. I have Restricted Stock Units (RSUs) and Options which have vested during my time in a few different countries including the UK. On selling the RSUs and Options I have filed UK taxes based on the vesting period that occurred in the UK. These funds are currently in a separate bank account in the US and I would like to invest them either in the UK or abroad where they are, based on what makes most sense. With the new legislation abolishing the remittance claim I wanted to check 1. If I were to bring the funds currently in the US (eg. pre-april '25 income) into the UK during the 2024/25, 2025/26 or 2026/27 tax years would I have to pay an additional 12% tax even though I've already paid my UK share of tax on them? 2. Would I be subject to tax on any new global income as of 2025 April? eg. Any interest, dividends or capital gains I earn from my investments would be subject to regular UK tax rates? (50% of all income 25/26, 100% all years onwards). My intent is to put these in reporting funds so HMRC can tax each category appropriately. 3. Would I be subject to tax on my pre-april '25 income as well even if I don't bring it into the UK? 4. If I solely invest in reporting funds, I will likely be reinvesting any interest or dividends I earn. It's possible that I receive dividends from fund A which I invest into fund B. Given this is a reporting fund, would HMRC be able to tax this appropriately as dividends or does this classify as "mixed funds" as well and result in taxation as income? If the latter, How should I separate out my accounts to ensure HMRC is able to tax per the category? Many thanks