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Therefore, we can offer to arrange your financial affairs prior to remitting funds in the future.
If money is brought into the UK from such a mixed fund bank account the HMRC applies strict ordering rules and different rates of tax are applied to different sources.
Foreign income or gains earned prior to arrival in the UK are known as “clean capital” and are not taxable if remitted to the UK. Our team is highly experienced in analysing the different sources which make up any mixed funds which have been remitted.
There are a number of startups competing with the likes of Western Union and Money Gram to provide lower-cost and faster remittance services globally, but interestingly, many of them have been building their services with relatively little overlap of the regions that they are targeting first.
(Remitly, for example, has been focusing a lot on the business of sending money from the US to India, recently raising $115 million to double down on that opportunity.) “So far we have seen consolidation in the world of traditional money transfers, where the three largest players are still consolidating some of the smaller players,” Ahmed said.
The first of these is to increase the number of countries where payments will be able to originate.
Currently, the company lets people 148 countries, and Ahmed wants to bring complete parity to those figures, so that people can transfer money from any country to any country where World Remit operates.A non domiciled person can take advantage of the Remittance Basis.This allows foreign source income and gains to be earned abroad yet only taxed in the UK to the extent that they are remitted here.Targeting these wider problems, in fact, is one reason that World Remit was first approached by Leap Frog.“This investment is an opportunity to bring a global leader in digital remittances into the Leap Frog portfolio,” said Stewart Langdon, partner at Leap Frog Investments.World Remit, a London-based startup with some 2 million users that offers a quick way for people to send money to each other with a focus on developing markets, has raised more funds to help it take on the likes of Western Union in the remittances market, estimated by the World Bank to be worth some 6 billion globally this year, and ramp its user number to 10 million.The company has picked up million — a Series C round that sources tell us brings the company’s valuation to around 8 million (or ‘just under £500 million’ in the figure we were given in local currency by our sources).I’m delighted that a world-class fintech company like World Remit is choosing Leap Frog as its partner for growth in the emerging markets.” The second area World Remit is hoping to expand is in Asia.Specifically, the company is planning to open a new office in the Philippines with 100 more employees, to help build out its business in that region This is also notable.However, Mark Davies & Associates are on hand to ensure that sources are segregated so that funds least liable to tax are remitted solely or at least first, before more heavily taxed remittances.Money held in bank accounts can originate from a mixture of sources such as salaries, dividends or proceeds of property sales.