Shorter Reads

HMRC error may mean over-payment of tax by non-resident trustees

1 minute read

Published 14 September 2018

Authors

Share

Key information

HMRC failed to apply the 7.5% basic rate dividend tax credit to non-resident trustees in the tax year 2016/17. HMRC has confirmed that it is aware of the issue and that it has resolved the problem for the 2017/18 trust tax calculations, but has not yet confirmed how it intends to respond.

These oversights demonstrate the importance of reviewing self assessment tax returns carefully. It is critical that non-resident trustees take appropriate advice if they feel that they may have been exposed to the error. When even HMRC are prone to such lapses it really does highlight the increasing speed with which the offshore tax landscape has changed.

https://www.accountingweb.co.uk/tax/personal-tax/non-resident-trust-error-leaves-some-out-of-pocket

Related latest updates
PREV NEXT

Arrow Back to Insights

Shorter Reads

HMRC error may mean over-payment of tax by non-resident trustees

Published 14 September 2018

Associated sectors / services

Authors

HMRC failed to apply the 7.5% basic rate dividend tax credit to non-resident trustees in the tax year 2016/17. HMRC has confirmed that it is aware of the issue and that it has resolved the problem for the 2017/18 trust tax calculations, but has not yet confirmed how it intends to respond.

These oversights demonstrate the importance of reviewing self assessment tax returns carefully. It is critical that non-resident trustees take appropriate advice if they feel that they may have been exposed to the error. When even HMRC are prone to such lapses it really does highlight the increasing speed with which the offshore tax landscape has changed.

https://www.accountingweb.co.uk/tax/personal-tax/non-resident-trust-error-leaves-some-out-of-pocket

Associated sectors / services

Authors

Need some more information? Make an enquiry below.

    Subscribe

    Please add your details and your areas of interest below

    Specialist sectors:

    Legal services:

    Other information:

    Jurisdictions of interest to you (other than UK):

    Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

    Subscribe to our articles

    Message us on WhatsApp (calling not available)

    Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

    I accept Close

    Close
    Scroll up
    ExpandNeed some help?Toggle

    < Back to menu

    I have an issue and need your help

    Scroll to see our A-Z list of expertise

    Get in touch

    Get in touch using our form below.



      Business Close
      Private Wealth Close
      Hot Topics Close