Payment of the remittance basis charge

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. This means that the remittance basis charge will not apply from 2025/26 onwards. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Remittance basis charge

The remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.

Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay one of the following charges:

•
£30,000 per year where the taxpayer has been resident in the UK for at least seven out of the last nine years
•
£60,000 per year once the taxpayer has been resident in the UK for at least 12 out of the last 14 tax years

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