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Remittance basis

Remittance basis means that if don’t bring foreign earnings into a UK bank account, you don’t pay UK tax on it. This is a particular tax situation for UK residents who don’t consider themselves to be domiciled in the UK and have earned money abroad.

However, if you choose to claim the remittance basis, you will lose your UK tax-free allowances, and you will also have to pay a special charge. This charge starts at £30,000 a year and can go all the way to £60,000.

Of course, you will pay UK taxes on any income or capital gains you made in the UK.

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