To encourage business investment in the UK the Finance Act 2012 allowed UK-resident foreign domiciliaries to use remittance basis income and gains to make investments without chargeable remittance being triggered. The rules are complex and there are many pitfalls. The legislation has been criticised as unclear however recent clarifications from HMRC together with full coverage on the topic will soon be included within their Residence, Domicile and Remittance Basis Manual. Further, a clearance system for queries on potential investments is now up and running accessible at hmrc.gov.uk/cap/annex-b-cap1-checklist.pdf
If you have forgotten to tell HMRC about your rent from your home back in the UK whilst you are busy living and working abroad, do not worry. Whilst by the end of October it is too late to file a paper copy of your tax return you still have until 31 January 2013 to file it online.
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