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This section added for 1998-99 and later tax years. This income was entered in box 6.5 via option Disposal of holdings in offshore funds for 1996-97 and 1997-98.
If the client has transferred, or taken part in the transfer of, assets as a result of which income has become payable to a trust, company or other entity abroad and
the client is resident and ordinarily resident in the UK and the client or spouse may at any time enjoy that income (in whatever form), or
the client or spouse have received or are entitled to receive a capital sum connected in any way to the transfer,
The income is taxable and should be entered on these screens:
DETAILS of SOURCE - enter details of the provider, this information does not appear on the tax return.
Country - this information does appear on the tax return.
Date source started, ceased - these are for information purposes only and may be left blank, if the date ceased is entered this will prevent the record being brought forward to the following tax year.
Income receipts are type - select from other income or dividend- dividends are taxed at a rate of 10% in year ending 5.4.00
Claim Tax Credit Relief (Y/N) - enter Y in the claim tax credit relief field to obtain a tax credit, in the computation, for the foreign tax paid click here or more details of this type of relief.
The income is entered on the income record:
Gross income - enter the gross income received without deduction of any tax.
Foreign tax paid - enter the amount of foreign tax deducted from this source of income.
Date income received - this is for information purposes and may be left blank.
UK/Special Withholding tax - enter the amount of any UK tax/special withholding tax which has been deducted from this source of income.
