Mixed Funds Cleansing Deadline for UK Deemed Domiciles and Non-Domiciles
The deadline to take advantage of the mixed funds cleansing legislation is fast approaching for individuals.
UK Resident Non-Domiciled and UK Deemed Domiciled individuals have the opportunity to cleanse their offshore mixed funds account. Individuals must take advantage of this before 5 April 2019.
Cleansing your account
Cleansing accounts containing mixed funds enables the qualifying individual to have greater control over their remittance. It will also allow them to make UK tax-efficient choices for their offshore funds in the future.
For the cleansing to take place, only cash will qualify as a transferable asset when it comes to the final cleansing transfer. Before the final transfer, individuals must sell all non-cash assets, this includes shares or reporting funds.
How can we help?
If you have a remittance based claim between 2008/09 and 2016/17, you could be eligible to take advantage of the cleansing process.
For more information on the legislation please feel free to get in touch.
Call us on 01704 891676
Email us at info@stseurope.co.uk
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The information in this guide is intended as an informative piece and does not constitute tax advice for individual matters.
