TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

Summary of the Finance Act 2008 Changes to the Residence and Domicile Rules

  • Most individuals who are entitled to use the remittance basis of taxation now need to make an annual claim to do so.
  • Individuals claiming the remittance basis of taxation, where they have unremitted foreign income or gains of £2,000 or more arising in the tax year, lose their entitlement to personal allowances and the annual exempt amount for capital gains tax.
  • The introduction of an annual £30,000 tax charge for adult remittance basis users resident in the UK in the current year and for 7 or more of the previous 9 years where they have unremitted foreign income or gains of £2,000 or more in the current year.
  • Changing the day counting rules that determine when someone becomes resident in the UK under the 183-day rule to count as a day any day upon which an individual is in the UK at the end of that day (i.e. at midnight), subject to a new rule for transit passengers.
  • Closure of a number of loopholes and flaws in the remittance basis that allowed people to bring untaxed income or gains into the UK tax free.

Source: HMRC. www.hmrc.gov.uk. Copyright Acknowledged.