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Introduction to Income Tax (Trust (Interest in Possession (Dividend Income…
Introduction to
Income Tax
Pension
Income
Taxable
Non Savings Income
Trust
Interest in Possession
Dividend Income
Net of 7.5% Tax
×100/80 = Gross Amount =D
Tax Credit
Savings Income
Net of 20% Tax
×100/80 = Gross Amount SI
Tax Credit
Non Savings Income
Net of 20% Tax
×100/80 =Gorss Amount = NSI
Tax Credit
Discretionary Trust
Non Savings Income
Net of 45% tax
×100/55 = Gross Amount
Tax Credit
Oversees Income
Double Taxation Relief
Lower of:
UK Tax on Oversees Income
Oversees Tax on Oversees Income
NSI/SI/D ---- Source of income
Net of Oversees Tax
Gross up by oversees tax
Dividend from REIT
Dividend treated as property income
Net of 20% Tax
×10/80 = Gross Amount = NSI
Tax credit
Interest Income
Gross Received - SI
National savings bank
Listed UK companies
Govt. Securities
Building society interest
Banks
Net of 20% Tax
Unlisted UK Companies
×100/80 = Gross Amount = Savings Income
Tax Credit
Dividend from UK companies
UK listed & Unlisted Companies
Shares - Dividend = Gross Amount
As it is in Dividend Income