Remittances: Taxation
The question
To ask the Chancellor of the Exchequer, whether her Department has made an estimate of annual tax loss from untaxed remittances sent abroad by non-UK nationals.
Answered by Dan Tomlinson
The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are typically 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.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →