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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4423
Experience:  FCCA FCMA CGMA ACIS
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I have a question about double taxation related to income.

Customer Question

I have a question about double taxation related to income. I have tax advisor who has prepared my self assessment for the year and I am looking for comfort in the way they applied the foreign tax credits
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  bigduckontax replied 1 year ago.
Hello, I am Kith, one of the experts on Just Answer, and pleased to be able to help you with your question. Where Double Taxation Treaties exist, and the UK has hundreds including some with individual US States, certain taxes, usually Income, Corporation and Capital Gains are so arranged that they can only be taxed in one jurisdiction. This is achieved by means of tax credits, Thus the tax deducted in one country is allowed as a tax credit against any liability in the other on the same income etc stream. These treaties, however, do not protect you from differences in rates of tax between countries. The tax credits only apply to the relevant streams of income etc and not to other taxes. Say you are normally taxed in Country A where tax is at 20% and have credits from country B where the tax is at 40% then 20% of those credits are lost unless the tax can be reclaimed from country B. I am answering this question from a time zone 7 hours ahead of GMT so you will find a phone call a tad expensive; do you really need it? I do hope that my reply has been of use to you.
Customer: replied 1 year ago.
I could do a skype call . There is way too much to type . The call should take no longer than 5 mins
Customer: replied 1 year ago.
I am an accountant so it should be easy for you to explain
Expert:  bigduckontax replied 1 year ago.
Sorry, I don't have Skype, I keep out of these social media sites. I am on 0066 25854819.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.