CG25391 | Remittance basis: gains to be computed in Sterling

Changes from 6 April 2025

The remittance basis has been abolished and new rules have been introduced from the 2025/26 tax year.

The latest guidance can be found in RFIG for Residence and RDRM for Domicile manuals.

Please note that cases which occur from 6 April 2025 onwards will be determined in accordance with the new rules.

Sterling is the currency in which capital gains computations are carried out (see Bentley v Pike, (53TC590) and Capcount Trading v Evans (65TC545)). You should therefore carry out a computation of the gain arising on the disposal of the foreign assets in sterling. Where transactions take place in foreign currency you should convert each separate entry for the computation into sterling using the spot rate applying at the date that part of the transaction occurred.