withholding tax on shares dividends..

P

postman pat

Registered User
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332
Hi.
I have some USA and european shares that I receive dividends from, Tax is already taken from these when I receive them and I declare and pay irish tax on the net figure I receive.My question is can i reclaim any of this witholding tax or use it as a credit against irish tax paid..


Pat
 
For US you can't reclaim the tax but you get a credit for it when you declare the dividend to revenue. However you should be declaring gross dividend for US shares, not net.
 
- Dividend of $100 from Coca Cola
- You receive $85
- You include the gross dividend ($100)
- Income tax of (say) $40 (40%)
- Credit of $15
- Net payable $25
 
With regard to UK stocks there is no dividend withholding tax is my understanding. However I just noticed that my broker (based in UK) has been deducting a "UK tax credit" from my dividends. As far as Im concerned they are wrong but does anyone have information on this.
 

Ignore that...it's purely notional
 
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