Overseas capital loss election

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

STOP PRESS: The remittance basis is abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. The legislation is included in FA 2025. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Introduction

This note explains the election that can be made by non-domiciled individuals who claim the remittance basis. For an explanation of the meaning of non-domiciled, see the Domicile guidance note. For an introduction to the remittance basis, see the Remittance basis ― overview guidance note.

For details of the interaction with the deemed domicile provisions, see the end of this guidance note.

The election

In the absence of an election, there is no relief for the foreign capital losses of a non-domiciled individual who has accessed the remittance basis, as it is not possible to remit a loss.

From 2008/09 onwards, a non-domiciled individual who claims the remittance

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