PART 1Income tax, corporation tax and capital gains tax

CHAPTER 2Income tax: general

24Increased remittance basis charge

1

Chapter A1 of Part 14 of ITA 2007 (remittance basis) is amended as follows.

2

In 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)—

a

in subsection (1)(b), after “meets” insert “ the 17-year residence test, ”;

b

after subsection (1) insert—

1ZA

An individual meets the 17-year residence test for a tax year if the individual has been UK resident in at least 17 of the 20 tax years immediately preceding that year.

c

in subsection (1A), after “the individual” insert—

a

does not meet the 17-year residence test for that year, but

b

d

in subsection (1B)(a), after “meet” insert “ the 17-year residence test or ”;

e

in subsection (4)—

i

before paragraph (a) insert—

za

for an individual who meets the 17-year residence test for that year, £90,000;

ii

in paragraph (a), for “£50,000” substitute “ £60,000 ”.

3

In section 809H (claim for remittance basis by long-term UK resident: charge)—

a

in subsection (1)(c), after “meets” insert “ the 17-year residence test, ”;

b

in subsection (1A)—

i

for “809C(1A)” substitute “ 809C(1ZA), (1A) ”;

ii

after “meets” insert “ the 17-year residence test, ”;

c

in subsection (5B)—

i

before paragraph (a) insert—

za

if the individual meets the 17-year residence test for the relevant tax year, £90,000;

ii

in paragraph (a), for “£50,000” substitute “ £60,000 ”.

4

The amendments made by this section have effect for the tax year 2015-16 and subsequent tax years.