Foreign Tax Credit Relief
Can someone please confirm my understanding of this please?
Tax payer has Australian employment income of £25k which has been taxed significantly in Australia.
UK Income is rental income £4k and dividends £19k. Without foreign employment income no UK tax due as not hitting higher rates. If add in employment income will be tax on dividends in higher rate so can I claim FTCR on the additional tax due?
Guidance says FTCR is lower of foreign tax paid and additional tax due on this source of income but as dividends always top slice is this correct?
- How do you integrate prepaid expenses in to the cash conversion cycle? 50 2
- Family Partnership 238 6
- Does anyone have an old version of Sage for sale? 150 4
- Problems viewing AWeb posts 82 2
- flat rate scheme 2,323 47
- Signed accounts for bank 635 14
- What route into accountancy would you recommend? 828 12
- Business lending another business money (UK) 287 7
- Deferring dividends on paper 167 5
- VAT Query on new build 98 1
- Restriction of trading loss and overlap relief 137 1
- CIC Abbreviated Accounts 145 4
- How to format Co-operative Accounts 90 1
- P11D Car Value 258 6
- NOVA declaration 103 1
- Business valuation advice 707 18
- Auto enrolment: What’s your plan? 1,506 16
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,225 23
- Can anybody recommend any software 293 2
- Stand alone practice management software 2,108 26