Foreign currency bank accounts
HMRC have issued new guidance relating to the treatment of foreign currency overseas bank accounts and the implications for residence and domicile purposes.
The guidance relates to a number of specific issues including:
- Finance Act 2008 changes to the remittance basis tax rules and some changes to the tax residence rules
- Further changes to the remittance basis rules in the Finance Bill 2009
- New guidance on foreign currency bank accounts and the remittance basis
- Capital gains tax: gains and losses on foreign currency bank accounts held by remittance basis users – new rules apply to all remittances made on or after 16 December 2009.
- Remittance basis users with small amounts of capital gains from foreign currency transaction
- The extension of Statement of Practice (SP) 10/84 to non-domiciled individuals