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Now that I will have to go in and change my submitted tax return, can you please confirm that I can offset the tax already deducted (in this case by the Irish Tax authorities) against my UK tax liability. How do I do this?
Nick1957 is a UK resident.
1. Having put £4,981 in Box 4; £40 in Box 6 (Foreign dividends) and £14 in Box 7 (tax taken off) on my 2020-21 tax return, the Box 6 figure is reflected in the calculation but not the Box 7 figure. Why is this? I also had to put figures in Boxes 17 and 19 and both of these figures are reflected in the calculation.
2. I have just tried to put £100 in Box 6 and £34 in Box 7 on my 2021-22 return, but Box 6 is now coming up with a red warning asking me to check and amend the entry. The actual figure entered were £100.37 and £33.45 although both have been rounded by your system. Do you know why is it coming up with a red warning?
When I was dealing with PD1, they included details of stock dividends from a foreign company on the PA302. The income was shown as Investment Income, and the Foreign Withholding Tax Paid (FWTP) was shown initially as ‘Less non-repayable tax’ and then later under the ‘Adjustment’ heading. Effectively the FWTP was being set against my dividend income tax liability, thereby reducing my overall tax liability.
I am now preparing to submit my tax returns through the SA system, and was surprised when I came across the response to the question in:
Where in the self assessment tax return should I declare foreign stock dividends?
When you said “Foreign stock/script dividends do not get reported for tax purposes. You do not need to enter these on a return.”
The company for which I have received foreign dividend income is Greencore plc, based in the Republic of Ireland.
Will you please confirm the correct tax treatment for this income, and whether I can include such income within the ‘Other taxable income’ (box 17) field, along with REIT income, with the FWTP in box 19. Obviously I want to keep my tax liability as low as possible, but I also want to pay the correct amount.
I have to complete a 2020-21 tax return for the first time (receiving the activation code this morning). I received non-UK equities £54.11 gross, £40.58 net. Do I need to click on the foreign income button at the start of the return to claim back the £13.53 tax deducted later on in the return? Thanks