Rebasing Offshore Funds
arongunningham
Member
Does anyone have expertise on the rebasing rules?
If a client wanted to bring offshore funds back to the UK, can they use 5/4/2017 cost prices and anything before is irrelevant?
Comments
Hi Aron
In simple terms you should be able to use the asset value on 5/4/17 as the base cost. But in reality, it's not that simple because there are qualifying requirements to be able to benefit.
The cleansing and rebasing rules are complex, time limited, and require a lot of knowledge of the client's historic position. I concluded that it needed a specialist referral to a tax adviser. It seemed very easy to get it wrong and your PI probably doesn't cover any liability you might create with an error.
Yep, in that short space of time we've decided we can only know what's happened from 5/4/2017!