Foreign dividend tax credits

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Rebecca Benneyworth
Rebecca Benneyworth Training Consultants
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UK non payable tax credits on foreign dividends have been available since 2008, but some taxpayers have been attempting to claim that tax credits should be available in relation to previous years under EU law.

HMRC has now published guidance for holders of shares in companies based in Ireland, Greece and Finland. Although tax credits will not be generally available to holders of shares in companies based in the EU, those taxpayers in receipt of dividends from companies based in any of the above three countries can now make a claim for UK tax credit in relation to dividends received in tax years dating back to 2003-04.

Dividends paid by Irish, Greek and Finnish companies are not subject to withholding tax but corporation tax is suffered on the profits from which they are paid, so shareholders...

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