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Topic: Unremittable Income per HMRC  (Read 418 times)

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Unremittable Income per HMRC
« on: January 11, 2025, 10:16:03 PM »
Hello,
Trying to fill out a self-assessment for the first time - we are UK resident and domiciled. When asked to check the box regarding whether we have "unremittable income", I'm thinking we don't. Our US income is bank interest, dividends, and inherited IRA's. All is remittable, even though we haven't actually remitted it to the UK. My googling leads me to think this doesn't count as unremittable income as the US doesn't restrict us from sending the money to the UK if we choose to. And we report this income on our US and UK tax returns.
So do we not have unremittable income? Would this issue in fact hardly ever come up with US assets?

Cheers


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Re: Unremittable Income per HMRC
« Reply #1 on: January 12, 2025, 05:25:51 AM »
It is rare, very rare, for US citizens in the UK to elect to claim the remittance basis. Why might the remittance basis be relevant at all?


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Re: Unremittable Income per HMRC
« Reply #2 on: January 12, 2025, 10:43:18 AM »
Thank you - we were using Go Simple Tax to do our self-assessment and there was a box to tick re unremittable income. Just checking to make sure we understood what that meant.


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Re: Unremittable Income per HMRC
« Reply #3 on: January 12, 2025, 08:40:42 PM »
Any questions about tax software are best asked of the selected software provider. The concept of unremittable income is best addressed by the legislation which can be found in ITTOIA05/s842(1) or TCGA92/s279(1). It is only ever considered if an individual elects to claim the remittance basis. Why might making this election be optimal for either you and/ or your spouse?


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Re: Unremittable Income per HMRC
« Reply #4 on: January 14, 2025, 06:25:15 PM »
Thanks again - we're not trying to claim any income as unremittable, just wanted to confirm what that was and Go Simple seems to put the opposite answer on our HMRC form to what we're selecting on their questionnaire. Go Simple didn't seem to answer our question when we put it to them.

Any recommendations/advice from anyone on tax consultants who can handle fairly simple returns for both HMRC and IRS would be appreciated. It's understood it might need to be in a private message.

Cheers


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Re: Unremittable Income per HMRC
« Reply #5 on: January 15, 2025, 11:02:21 AM »
Our firm is dually US and UK qualified, we have been in business since 1935. We'd be pleased to help.


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