Non-transferors receiving a benefit as a result of relevant transactions (see E1.1118), are assessable on any deemed income1.
Finance Bill 2025 brings in the concept of 'qualifying new resident' and brings an end to the remittance basis. Until 5 April 2025, the deemed income rule applies to UK resident remittance basis users. From 6 April 2025, the deemed income rule applies to qualifying new residents.
Qualifying new residents and foreign deemed income
From 6 April 2025 deemed income is 'foreign' if ,and to the extent that, the relevant income to which it relates would be relevant foreign income if it were the individual's. The deemed income is that for which the individual is entitled to claim relief under a foreign earnings election as a qualifying new resident2. See Matching E1.118
Remittance-basis users and foreign deemed income
The following rules apply, until 5 April 2025, where the individual on whom the charge falls is resident but
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Web page updated on 17 Mar 2025 16:08