A UK tax resident is a shareholder in a non-UK company (EU based company).
The company has accounting profits for the running year, none of which have been issued in the form of dividends to any shareholder.
However, the tax authorities in which the company operates, treats any such accounting profits for the running year as a deemed distribution of dividends (DDD) for the purposes of income taxation of Cyprus tax resident shareholders (but not for UK tax resident shareholders).
Does this have any income tax implications for the UK tax Resident?
In other words, does the UK tax Resident need to report any dividends to HMRC, given that no dividends were actually paid or distributed?