Remittance

Hi, I have foreign income from a property I am letting in Australia. I have never transferred any of the earnings from the Australian bank account to the UK. There are no current restrictions on transferring funds from Australia to UK. It is just a personal choice to not move the funds across bank accounts. Can I claim the income gained as unremitted? I will still declare the foreign income when I completed my self assessment. And are the accountant fees in Australia who helps me with my tax return in Australia an expense? Thank you

Hi gnilwas,
The default method of taxation in the UK, is the 'arising' basis on the individual's world-wide income and capital gains, whether they remit the income or capital gains to the UK or not.
This means that tax is chargeable on all taxable income and capital gains in the tax year in which the income or capital gain arises.
This is the only method of calculation tax liability for the majority of people, the UK.
For those  who meet the criteria at:
Guidance note for residence, domicile and the remittance basis: RDR1 Updated 25 April 2023
They have the option to apply the remittance basis of taxation instead.
If you choose not to use the remittance basis or are unable to use it, you would be required to declare your foreign property income in a Self Assessment tax return.
You would be able to claim a Foreign Tax Credit of up to 100% of any tax paid in Austrailia on the property income.
Thank you.