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qatar owns britain


rickf
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Forum Editor

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"Quickbeam"

The bank can't apply for a tax credit on your behalf because it doesn't know what your individual tax status is. You must do it as part of your tax return.

It has nothing to do with trusting the bank - it's not the bank's fault that governments make taxation laws complicated.

If you buy shares in a foreign business you must expect your dividend payments to be subject to the laws of the country in which the business is registered. In Santander's case that country is Spain, so dividends are taxed according to Spanish laws.

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Quickbeam

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Hmmm, on the basis of that, I'd stick with UK based investments for the small time investor. 19% is a seizable chunk to ignore.

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Forum Editor

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fourm member

"I'm not sure the FE is right to say you can reclaim it."

You would be right,if that is what I said, but it isn't what I said. I said you can claim a tax credit. The amount of that credit will depend on HMRC's assessment, as explained in the link I posted for morddwyd.

In general terms I think that a UK taxpayer who receives dividends from foreign companies will usually be eligible for a tax credit amounting to one ninth of the total dividend. HMRC will advise on individual cases.

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Quickbeam

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Which seems to reiterate morddwyd's opinion 'it's too complicated'!

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Forum Editor

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It is complicated, we should be able to sort this kind of thing out a little better inside the EU.

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Quickbeam

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Which means we'll just have to live with it or use the mattress more.

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Forum Editor

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I can understand a reluctance on the part of EU governments to surrender to community-wide taxation measures, but I cannot understand why it should apparently be impossible for them to get together to devise a means of smoothing out tax anomalies like this one.

Surely one tax authority could speak to another, and agree to devise a simple system for their respective investors?

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morddwyd

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"And I was trying to be helpful by pointing out that your wife can claim a credit."

Thank you, but I don't think either of us have much idea what a tax credit is.

All we know is that she once had some savings inn Abbey National and she now ends up paying Spanish tax.

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rickf

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Gone off track.

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interzone55

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rickf

They often do...

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