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Posted Thu, 07 Dec 2023 23:12:47 GMT by MG0411 Golden
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
Posted Tue, 12 Dec 2023 15:36:28 GMT by HMRC Admin 5
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
Posted Sun, 17 Dec 2023 22:22:32 GMT by MG0411 Golden
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
Posted Thu, 21 Dec 2023 15:25:34 GMT by HMRC Admin 25
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. 

 

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