Foreign income refers to any income that is generated from sources outside the United States. It is important for individuals and businesses, particularly those with international investments and operations, to understand the various regulations and tax implications associated with foreign income.
Non-domiciled status refers to the tax classification of a person whose country of domicile is different from their country of residence, impacting their tax liabilities.
Income that has been subject to taxation outside the jurisdiction of one's resident country's tax authorities. When the same income is subject to taxation in more than one country, relief for the double tax is given either under the provisions of the double taxation agreement with the country concerned or unilaterally.
The remittance basis is a UK tax rule affecting individuals who are resident but not domiciled in the UK. It allows them to limit their UK tax liability on foreign income and gains only when these are brought into the UK.
