Irish Taxation Institute: Educating, Developing and Representing

Revenue eBrief No. 11/2010: Remittance basis of assessment for UK source income and chargeable gains

02 March 2010

In this eBrief, Revenue state at the outset that the changes in Finance Act 2008 and Finance (No.2) Act 2008 which relate to the extension of the remittance basis to UK income and UK chargeable gains, do not have retrospective effect. 

However, Revenue go on to state that, arising from certain matters contained in a recent tax appeal case, they are prepared to examine - on a case by case basis and subject to the statutory 4-year time limit for claiming repayment of tax - claims for repayment of tax where it is claimed that a repayment of tax would be due had the remittance basis of assessment, rather than the arising basis of assessment, applied for a relevant year of assessment in respect of an individual's UK source income and/or chargeable gains.

A submission may be made to the individual's relevant Revenue office. Such submission should contain all relevant details as regards the income and chargeable gains assessed and the amount of remittances in respect of which the claim refers. 

More information is contained in the eBrief, click here to view.