Foreign dividends and allowances

In 2023/24 I received dividends in the US for shares held there totalling around £5000 after currency conversion, with approximately £750 of this retained as US withholding tax. Does the £5000 qualify towards the £1000 dividend allowance? Should only be liable for UK tax on the total dividend, minus the allowance, minus the US withholding tax? E.g. £5000 - £1000 - £750 =£3,250.00?

Hi ,
 

You would declare the gross dividend in your tax return and claim up to a maximum of 15% of the US tax paid, as a foreign tax credit .  Thank you .