Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Foreign forestry income

    Hi, I would appreciate some information on how income from forestry abroad should be reported, if at all. Thank you
  • RE: Foreign forestry income

    Hi, I would just like to confirm how this should be reported - does it need to be and under which section should it be listed? Thank you
  • RE: Foreign forestry income

    Thank you for the reply! I can just confirm that this also applies to overseas commercial woodland. thank you!
  • RE: Foreign forestry income

    I would appreciate a reply if at all possible! Thank you
  • Foreign forestry income

    Hi, I am submitting my first tax return shortly and just had a few questions before I do so. I have income from forestry (selling timber) abroad; no other foreign income. This activity started on 1/1/2023. Firstly, am I right that I report this as "Income from land and property abroad"? Secondly, can I use the "March 2023 average exchange rates" for eur/gbp to calculate the sum in gbp? And finally, a question about the timing of expenses. As this is my first year of receiving income I don't have an established basis period . In 2023 I had income in the first half of the year and expenses in the second half (and the foreign taxation will be based on the calendar year). Can I deduct these expenses to match the foreign tax year, or should I deduct them in the 2023/24 return instead? And following from the above, if I cannot claim the expenses in 2022/23 then can/should I claim Property income allowance instead?
  • RE: Timing of tax relief - overseas income

    Is anyone able to answer these queries?
  • Timing of tax relief - overseas income

    Hi, I have two related, simple, questions about foreign income and claiming tax relief, specifically related to timings. I am resident in the UK and have recently had some income and deductible expenses (in the area of forestry) in Finland. The tax year in Finland is equal to the calendar year. My income/expenses are split as follows (approx): Jan-Mar 2023: 15k income Apr-Dec 2023: 2k income 3k deductible expenses I understand I'm liable for tax in both countries and would then be able to claim tax relief in the UK; in accordance with the dual taxation treaty. My questions are around how to account for the different tax periods. I will only pay tax on this in Finland in mid-2024, and will pay tax on net income of 14k. When I file my self-assessment in the UK for 22/23, should this include the income of 15k? or taxable income of 14k? When I file my self-assessment in the UK for 22/23, I will not yet know the exact amount of tax I will pay in Finland. Do I defer the claim for relief to a later year, or can I claim based on an estimated figure?