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The treaty between the UK/US Article 17 Exception 1d. As a

Resolved Question:

The treaty between the UK/US Article 17 Exception 1d. As a UK national and resident in the UK I am beneficiary of Annuities from the US.
Tax is paid at 30% on these. Can I claim any tax back? If not, what exactly does the treaty refer to?
Submitted: 6 months ago.
Category: Tax
Expert:  bigduckontax replied 6 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able help you with your question.

Under the Double Taxation Treaty between the UK and the USA and indeed some individual States in the Union as well, the same income stream can only be taxed in one jurisdiction. This is achieved by means of tax credits, the tax deducted in one country being allowed as a tax credit against any liability in another. Thus you can use your US tax credits to offset UK taxation on the same income.

I do hope that you have found my reply of assistance.

Customer: replied 6 months ago.
Thank you Keith,Do I have to declare the Annuities to the UK tax authorities? I am retiring from my part time work at the end of October 2016. Currently I receive 3 pensions upon which I am taxed (I am 70). I am assuming the US Tax credits can only be used against the Annuities in the UK. Is this correct please?
Expert:  bigduckontax replied 6 months ago.

Yes, the US tax credits are only available against any UK taxation imposed on the US annuity. This annuity must be declared on your self assessment tax return. I do hope that clarifies the matter for you.

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bigduckontax, Accountant
Category: Tax
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Expert:  bigduckontax replied 6 months ago.

Thank you for your excellent support.

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