Foreign Tax Credit Relief

I would be grateful if you can help with the calculations following entries into the 22/23 Self Assessment form. I have UK and Overseas dividends. UK dividends of 5304; Overseas Dividends - 1319(US so can expect to receive 15% relief). I have noticed in the calculations that it has worked out, it has added both the UK and Overseas div, taken 2k off and applied 8.75%(i.e. on 4623). It then minus FTCR which is £116. So in summary it has reinserted what it previously taxed. I would have expected a relief of 15% based on 1319 and for it not to have taxed by combining the div. I would be grateful for an explanation. Thanks

Hi

We cannot comment on scenarios, only provide general information/guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, or seek professional advice.

Thank you

Unfortunately no one appears to pick up the phone. Could you then at least confirm(or otherwise) the following i.e. If I have been taxed 15% on dividends received in USA, Would I expect to receive 15% credit when completing the self assessment form? Further, once I declare the dividend received, will I be taxed 8.75%. Thanks

Hi MG0411 Golden,
The 15% is the maximum relief that can be claimed.
Foreign Tax Credit Relief will be limited to the UK tax that is due on the dividends.
Please see guidance here:
Foreign notes Tax year 6 April 2022 to 5 April 2023 (2022–23)
Thank you.