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.