harmzz
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RE: Income from foreign NRE account
So the auto calculation figure is correct in my circumstance ? As doesnt not show anywhere how that figure is calculates so little confused -
RE: Income from foreign NRE account
Amount of income 1500.00 Foreign tax 225.00 --- put in this as advised above Special Withholding Tax Maximum foreign tax credit relief 15% Taxable amount 1500.00 When this auto calculates it gives mes this now Foreign tax credit relief against UK Income Tax: £ 186.00 instead of £225 ? which is 12.4%? Why is it doing this ? -
RE: Income from foreign NRE account
Thanks for the reply. So am I right in the below ? So in my case for example based at interest received of £1,500 /100*15=£225 I would enter the figure of £225 manually in tax deducted even though this has not been paid due to NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid. -
RE: Income from foreign NRE account
Hi HMRC admin, From reading through this thread I have understood Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid. Now on my Self assesment I have entered Country: INDIA Amount of income arising or received before any tax taken off: £1,500 Do you wish to claim foreign tax credit relief? YES Rate of tax credit relief allowed: (optional) 15% However on the final page before calculation its doing 0 Foreign tax credit relief against UK Income Tax: £ 0.00 Please advise why this is not auto calculating the figure ? it then gives me this option Would you like to use this foreign tax credit relief figure? Yes, use this figure No, I want to calculate foreign tax credit relief myself