Name of Company |
This must be entered. |
Share Class |
Enter the share class, for instance, Ordinary $1. It is generally best to avoid using currency symbols so, in this example, use Ordinary USD1. |
Country |
The country in which the income arose, not necessarily the country of register. |
Dates |
Dates acquired and sold are not compulsory. If entered, the date of acquisition must be before the end of the tax year and the date of sale must be after the start of the tax year and after the date of acquisition. |
Foreign Tax Credit Relief |
Tick to claim foreign tax credit relief (FTCR) which is nearly always beneficial. The Trust must be resident in the UK to make a claim. Foreign tax credit relief will give a tax credit for the lower of the foreign tax paid and the UK tax payable on that source of income. |
Income Unremittable |
If the income is not remittable to the UK, tick this box. This will automatically preclude any claim for foreign tax credit relief and the Tax Return will not show anything in the amount chargeable column, in other words, the amount will not filter through to the tax computation. |
Does not qualify for UK tax credit |
This applies for the 2009 tax year onwards. Tick if the foreign dividend income does not qualify dividend tax credit. Dividend tax credit is only available where the client holds less than a 10% share in the foreign company and the foreign company is not an offshore fund. |
Details of each dividend received are entered on the separate dividend receipt records.
Enter details for each receipt or enter a single amount for the tax
year. If the investment is jointly held, enter the person's share of the
income.
Gross Income |
Enter the amount received before deduction of any tax. Where the income is unremittable, enter the amount in the appropriate foreign currency. |
Foreign Tax paid |
Enter the amount of foreign tax paid. Where there is a double taxation agreement in force the amount entered must be capped to the maximum rate of foreign tax payable under the agreement. If the tax paid does exceed this, the Trust or Estate should seek a refund of the excess from the appropriate overseas tax authority. |
Date received |
This date is optional. If entered, it must fall within the tax year. |
UK/Special Withholding Tax |
Enter any UK/Special Withholding tax which has been deducted. |