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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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What should i expect to pay in tax from receiving offshore

Resolved Question:

What should i expect to pay in tax from receiving offshore income for shipping container leasing.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.If you are UK resident for tax purposes then all income earned in the year in chargeable to UK income tax after taking into account personal allowance.You claim Foreign Tax Credit Relief against any tax suffered on this offshore income abroad by completing supplementary pages SA106-Foreign.If your taxable income is up to £31,785 then your tax rate is 20%Income over £31,785 and up to £150,000 is taxed at 40%.
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