Policy paper

Revenue and Customs Brief 16 (2015): remittance basis treatment of foreign income and gains used for loan collateral

This brief announces a revision to HM Revenue and Customs change of practice published on 4 August 2014 for the remittance basis treatment of foreign income and gains used as collateral for a loan brought into or used in the UK.

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Details

HM Revenue and Customs (HMRC) notice published on 4 August 2014 requested anyone using the remittance basis who used foreign income and gains as collateral for a loan brought into or used in the UK before that date to notify HMRC where they had not declared a remittance. To ensure the change of practice operates as intended, with effect from today HMRC will not seek to apply the change to arrangements where the loan was brought into or used in the UK before 4 August 2014.

Published 15 October 2015