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Posted Wed, 31 Jan 2024 15:17:09 GMT by blueshaze
I received letter from HMRC saying that they believe that I had received undeclared overseas income. The income is three annual USA share dividend payments of approx $900 each that I didn’t realise had been paid. These were paid less USA tax of 15% and retained in the account. In each of the three years 2017/18, 2018/19, 2019/20, there were a few thousand other UK and Foreign dividends so that rate payable on these dividends would be 8.75%. If I calculate the tax owing it is 8.75% of the amount, but actually zero because of the USA 15% tax that is already paid. I wrote to explain that no tax was due, so no penalty or interest on tax due, but my submission was rejected. The inland revenue calculation form takes the amount due, adds interest + an additional amount for the delay and penalty but uses the tax due as the basis for the calculation Is there a suggestion for what I should offer and might be accepted?
Posted Fri, 02 Feb 2024 10:11:34 GMT by HMRC Admin 2

You will need to contact the team directly. Their address and telephone number should be on the correspondence.

HMRC cannot provide financial advice.

Thank you.

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