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Lloyd's Names and overseas dividends

Lloyd's Names and overseas dividends

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I am currently preparing the 2016/17 return for a Lloyd's Name who has, within his funds at Lloyd's, both UK and overseas company shareholdings. The return is already subject, with regard to the UK dividends, to HMRC exclusion 53 but I am puzzled about how I am to account for the non-UK dividend income.

He has non-UK dividends paid both before 6 April 2016, which qualifies for the 1/9 credit, and after which obviously doesn't. The Lloyd's Notes on pages LUN3 and LUN4 give guidance as to what is required and include, on page LUN4, a worksheet but the return form itself states, in box 19, that only non-qualifying dividends paid before 6 April 2016 are to be included. Working this through seems to result in dividends paid subsequent to 5 April 2016 being ignored altogether!

Am I missing something here?

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By uncle_adolph
08th Aug 2017 18:19

Just as a follow up I have been in touch with Lloyd's Tax Dept who in turn have had guidance from HMRC. The long and short of it is that the worksheet on page LUN4 is only meant to cover the period to 5 April 2016 (which is what I assumed) even though the notes don't actually state that. If you go ahead, complete the worksheet and then put the entries on the return, as the notes clearly imply you will get the wrong answer.

I think it's fair to say HMRC are going to get a few returns with "wrong answers" included....

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