IFM37340 - Foreign chargeable gains: Record keeping requirements

Record keeping requirements

HMRC recognises that carried interest may arise in relation to services performed prior to the introduction of the carried interest rules in Finance (No. 2) Act 2015 (IFM37150) and therefore individuals would not have been aware of the need to keep the relevant records.

HMRC will adopt a pragmatic approach to record keeping and the evidence used to identify a just and reasonable split for foreign chargeable gains.

For remittance basis users, HMRC would expect the customer to have already recorded the information required to determine their residency position and accurately return the income and gains eligible for taxation under the remittance basis.

Additional information may be required to evidence specific duties performed, their location or duties performed over certain periods of time.