Pietro moved to the UK from the country of Sokovia in May 2007 and has been a UK tax resident since 2007/08. Pietro is a UK resident and is domiciled in Sokovia. Pietro is an additional rate UK taxpayer working in London. In addition to his UK income, Pietro has £240,000 of property income (gross) arising in Sokovia during the 2020/21 tax year. Pietro plans to remit 20% of this income to the UK. Pietro suffered Sokovian tax at 12% on all of his Sokovian income with no personal allowance.

Required:

(i) Explain the term ‘remittance basis’ and the meaning of ‘remittance’ using examples of remittance to the UK.

(ii) Critically assess, using calculations, whether or not Pietro should claim the remittance basis on his overseas income.