- Latest available (Revised)
- Point in Time (11/07/2023)
- Original (As enacted)
Point in time view as at 11/07/2023.
There are currently no known outstanding effects for the Finance Act 2012, Cross Heading: Increased charge.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
1U.K.Chapter A1 of Part 14 of ITA 2007 (remittance basis) is amended as follows.
2(1)Section 809C (claim for remittance basis by long-term UK resident: nomination of foreign income and gains to which section 809H(2) is to apply) is amended as follows.U.K.
(2)In subsection (1), for paragraph (b) substitute—
“(b)meets the 12-year residence test or the 7-year residence test for that year.”
(3)After that subsection insert—
“(1A)An individual meets the 12-year residence test for a tax year if the individual has been UK resident in at least 12 of the 14 tax years immediately preceding that year.
(1B)An individual meets the 7-year residence test for a tax year if the individual—
(a)does not meet the 12-year residence test for that year, but
(b)has been UK resident in at least 7 of the 9 tax years immediately preceding that year.”
(4)In subsection (4), for “£30,000” substitute “—
(a)for an individual who meets the 12-year residence test for that year, £50,000;
(b)for an individual who meets the 7-year residence test for that year, £30,000.”
3(1)Section 809H (claim for remittance basis by long-term UK resident: charge) is amended as follows.U.K.
(2)In subsection (1), for paragraph (c) substitute—
“(c)the individual meets the 12-year residence test or the 7-year residence test for the relevant tax year.”
(3)After that subsection insert—
“(1A)See section 809C(1A) and (1B) for when an individual meets the 12-year residence test or the 7-year residence test for a tax year.”
(4)In subsection (4), for “£30,000”, in each place it occurs, substitute “ the applicable amount ”.
(5)After subsection (5A) insert—
“(5B)The applicable amount” is—
(a)if the individual meets the 12-year residence test for the relevant tax year, £50,000;
(b)if the individual meets the 7-year residence test for the relevant tax year, £30,000.”
4U.K.For section 809V substitute—
(1)Subsection (2) applies to income or chargeable gains of an individual if—
(a)the income or gains would (but for subsection (2)) be regarded as remitted to the United Kingdom by virtue of the bringing of money to the United Kingdom,
(b)the money is brought to the United Kingdom by way of one or more direct payments to the Commissioners, and
(c)the payments are made in relation to a tax year to which section 809H applies as regards the individual.
(2)The income or chargeable gains are to be treated as not remitted to the United Kingdom to the extent that the payments do not exceed the applicable amount (as defined in section 809H).
(3)Subsection (2) does not apply to payments if or to the extent that they are repaid by the Commissioners.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: