PhilinBoxX

Hi HMRC Admin My PAYE Income Tax summary for 6 April 2024 to 5 April 2025 on the HMRC website has outdated figures in the 'Income from other sources' section. I would appreciate your help in submitting an online request to remove this income from my summary. One of the outdated figures was £240 for Unit trust investment income and the income from that source ended in 2023-24. I started the online process to remove this myself starting at my Income Tax summary page. I got through to the screen 'Investment income that has ended' and selected Unit trust, which then showed 3 boxes for figures: 'Gross amount of this investment income', 'Amount of tax deducted at source' and 'Net amount of this investment income'. As this source of income has ended do I enter £240 or £0 in the 'Gross amount of this investment income' box? I apologise if this is explained somewhere but I couldn't find any guidance or help anywhere for this online. Thank you.

Can I use a relatively simple case to make sure I understand the previous comments regarding the Foreign Tax Credit Relief in the case of a UK resident, paying tax at the Basic Rate who has made a withdrawal from their RRSP. Assuming that £20,000 is the Sterling equivalent of the lump sum withdrawn and that £5,000 (25%) is the non-resident tax withheld by the Canada Revenue Agency. In the Foreign pages of the Tax Return (F 2 in the 2023 Return), in the “Overseas pensions, social security benefits and royalties” section the following would be entered in columns A-C: “A Country or territory code”: CAN “B Amount of income arising or received before any tax taken off”: 20000 “C Foreign tax taken off or paid”: 5000 In the “Overseas pensions, social security benefits and royalties continued” section (page F 3 of the 2023 Return), enter in columns D-F: “D Special Withholding Tax and any UK tax taken off”: 5000 “E To claim Foreign Tax Credit Relief, put ‘X’ in the box”: X “F Taxable amount – if you’re claiming Foreign Tax Credit Relief, copy column B here. If not, enter column B minus column C”: 20000 If the tax payer had £2,500 of their £12,570 Personal Allowance available for the tax year, then £17,500 of the £20,000 lump sum withdrawal would fall within the Basic Rate band and £3,500 of UK tax would be due. In our case, as the CRA tax withheld (£5,000) is more than the UK tax due of £3,500, only £3,500 of Foreign Tax Credit Relief is claimable. So for our example, on page F 1 in the Foreign section in Box 2 “If you’re calculating your tax, enter the total Foreign Tax Credit Relief on your income” the tax payer would put 3500. If the tax payer had none of their Personal Allowance available, then £4,000 of tax would be due at the Basic Rate and so they would enter in Box 2: 4000. I would greatly appreciate your review of this and for any corrections or additional notes.