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4.

Own Country Tax

4.1

UK credit relief will not be given in respect of taxes that are paid in the member’s own country of residence. For these taxes, if applicable, only deduction relief will be available.

4.2

In practice for years up to and including 1998-99, this restriction, applies to only two other EEA countries, namely France and Belgium. Members who are resident in either of these countries should, strictly speaking, only be able to have deduction relief for that country’s taxes. However, the Inland Revenue have confirmed that they will not seek to apply the own country restriction for years up to and including 1998-99.

4.3

The restriction for own country tax will, however, be applied to all members who claim credit relief for 1999-2000 and subsequent years. This restriction will apply to all members, including residents of non EEA countries. Member who will be affected by this restriction include residents of Australia, Canada, New Zealand and the United States.

4.4

A breakdown of foreign tax by country is being shown on the revised CTA1s for 1999-2000 and on CTA1s for subsequent years.

5.

Conclusion

5.1

This bulletin, which has been agreed with the Inland Revenue, is being sent to all members’ agents, recognised auditors, personal accountants to individual members and members who deal with their own tax affairs.

5.2

If you have any questions please contact Roger Ramage on 020 7327 6852 or Maureen McLeod on 020 7327 6860.

David Clissitt Head of Taxation Taxation Department

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