Afternoon
I have a situation where an individual who has been UK resident since 2017 has a very large equities portfolio managed by a broker in Europe. Their tax returns have always been based on the remittance basis. Non UK Dom and UK resident.
In the tax year 2020/21 there have been some large disposals resulting in a very large capital gain coupled with large amounts of dividends and interest received by the portfolio for the year. The Broker has provided their yearly schedule and completed the tax return sections on these schedules to show the gains and interest received. There is also the note highlighted about 'please seek professional advise on the taxation of these figures'.
The client has stipulated that the income is not remitted into the UK and kept overseas. As such they have asked for their 2021 tax return to not include these figures. I believe that to be the case but wanted confirmation please.
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