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Budget 2008 - Personal allowances and the remittance basis

Proposed changes to the tax rules for Non-Doms had meant that UK residents who took advantage of the remittance basis would lose personal allowances and annual capital gains tax exemptions where their unremitted foreign income and capital gains exceeded £1,000 a year.

Today’s Budget has relaxed this rule slightly and the limit has been increased to £2,000 a year.

 

 

Date: 12th March, 2008
Author: Lisa Spearman

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