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TaxRobin
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Category: Tax
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Experience:  International tax
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I am individual and resident in the UK and receive the dividends

Customer Question

I am individual and resident in the UK and receive the dividends from the companies outside the UK (Slovakia, Hong Kong, Poland) and from companies within UK. I have recently spoken to a friend of mine who told me that there is a Tax Treaty which mitigates the level of tax paid or the individual gets relief from paying tax on dividend for few years and then starts paying flat rate. Please advise, as I have no found any information about this.
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello and thank you for posting your question.
The UK does have tax relief for residents that pay taxes in the foreign country on dividends paid by companies in those foreign countries.
If you find that you're being asked to pay tax both in the country of origin and in the UK, you may be able to claim relief - 'foreign tax credit relief' - from double taxation by completing the foreign pages section of the tax return.
The UK has signed many double taxation agreements with other countries.
Slovakia and Poland each have a tax treaty with UK but unfortunately Honk Kong does not.
Even if there is no double taxation agreement between the UK and the other country, relief may still be given for the foreign tax payable (called 'unilateral relief').
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