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HMRC internal manual

Residence, Domicile and Remittance Basis Manual

Remittance Basis: Exemptions: Business investment relief: Claiming business investment relief

Claims for business investment relief must be made on the Self Assessment tax return. The claim needs to be made on or before the first anniversary of 31 January following the tax year in which the investment was made.

Example 1

Jake transferred his £500,000 foreign income and gains to the UK on 6 April 2012 (tax year 2012-13). The first 31 January after that tax year is 31 January 2014 so the first anniversary of that is 31 January 2015.

Like most taxpayers, Jake will most likely make the claim when he submits his Self Assessment tax return for 2012-13 by the filing date of 31 January 2014.  
Example 2

Fu pays tax on the remittance basis. He has foreign interest in an offshore bank account, which he earned in 2009-10. He decides to use £15,000 of this to make a qualifying investment and brings the money to the UK on 14 February 2013 and makes the investment on 17 March 2013, within the 45 day period allowed.

Fu must make his claim for business investment relief by 31 January 2015 via his Self Assessment tax return. If he fails to make a claim, Fu will be considered to have remitted the £15,000 foreign interest to the UK on 14 February 2013.  

It is not necessary for an individual to claim the remittance basis in the year the investment is made. However they must have made a claim to the remittance basis in a previous year in order to hold foreign income or gains taxable on the remittance basis.

Advance assurance procedure for qualifying investments

An individual intending making a business investment can ask HMRC for their opinion on whether a proposed investment can be treated as a qualifying investment under the Business Investment Relief provisions. The remittance basis user, or a person authorised to act on their behalf, may make this request using the CAP1 service. Where the investment is made by someone other than the remittance basis user, the remittance basis user will need to make the request.

Requests should be sent to:
HM Revenue and Customs
Business Investment Relief Team S1278
PO Box 202
L69 9AL