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Business investment relief

The government introduced tax relief provisions for non-domiciled UK resident tax payers in the Finance Act 2012; Steve Wheeler offers guidance on how to take advantage of them

2 February 2015

The 2012 Finance Act introduced provisions giving relief from tax under the remittance basis for non-domiciled UK taxpayers who bring funds to the UK, on or after 6 April 2012 to make 'qualifying investments'. The use of this relief has increased since then among the entrepreneurial non-doms. It has proved very popular in new property investment and development businesses.

The relief allows UK resident non-domiciled individuals to remit overseas income and gains to the UK to invest in eligible businesses, without investments being treated as a taxable remittance.
It applies to a qualifying investment made using overseas income that arose in any year in which the individual claimed the remittance basis, irrespective of whether the individual is still taxed on that basis in the year the money is brought to the UK.

The individual must use the remitted money or other property concerne...

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