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Foreign anomalies
I think the replies to 'Dom-Dum's' query (Taxation, 1 February 2001 at pages 424 to 425) miss a point in suggesting that a non-domiciled individual might have to pay tax at 40 per cent on his foreign dividends if they are remitted to the United Kingdom.
Feedback
Foreign anomalies
I think the replies to 'Dom-Dum's' query (Taxation 1 February 2001 at pages 424 to 425) miss a point in suggesting that a non-domiciled individual might have to pay tax at 40 per cent on his foreign dividends if they are remitted to the United Kingdom.
Foreign dividends taxed on the remittance basis are certainly excluded from the definition of 'equivalent foreign income' by section 1A(4)(a) Taxes Act 1988 and they therefore do not get the benefit of the 32.5 per cent Schedule F rate of tax in section 1B. But foreign dividends received by a non-domiciled person do not need to be taxed on the remittance basis: section 65 Taxes Act 1988 which deals with the basis of assessment of foreign income within Case V relies on the making of a claim. Income only falls within subsection (5) if the...
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