Remittances: Taxation
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a 25 per cent remittance tax on funds sent to countries that refuse to cooperate with deportations.
Answered by Dan Tomlinson
The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have already been subject to UK tax, such as income tax, if funded from earnings.
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