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Finance Act 2012

Nominated Income

255.Under section 809H ITA, individuals who have been UK resident in at least seven of the nine preceding tax years are required to pay an annual charge of £30,000 to access the remittance basis. Part 1 of the Schedule introduces a further annual charge of £50,000 for individuals who have been UK resident in at least 12 of the preceding 14 tax years.

256.Under section 809C, such individuals are required to nominate an amount of their foreign income or gains for each tax year in which they are liable to pay the annual remittance basis charge. This nominated amount forms the basis for calculating the annual charge.

257.Where such individuals remit the foreign income and gains which they have nominated under section 809C before any other of their foreign income and gains, the order in which those income and gains are remitted is determined by rules in sections 809I and 809J.

258.The amendments made by part 4 of the Schedule allow such individuals to remit up to £10 of their nominated income or gains each year without having to take steps to ensure that no part of that nominated amount is remitted to the UK before other foreign income or gains.

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