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I am a US citizen, and a UK Tax resident. I earned US Interest Income from my US brokerage firm equivalent to GBP 5,000. As part of the Foreign Tax Credit Relief working sheet calculation, i need to calculate the "relief allowed under any tax treaty with the UK". The article 11 of the USA - UK is not easy to interpret for a non-lawyer but it looks as though as though the FTCR allowed under the DTA is 0% (meaning that 100% of that US interest Income is taxable under UK tax regime), meanwhile as a US citizen i am already taxed on this US Interest Income by the IRS (no option to exclude this under the IRS) . So is this really a double taxation case, or did i miss something ?
PostedTue, 17 Oct 2023 08:55:45 GMTbyHMRC Admin 32
Hi,
Under Article 11 of the Double Taxation Treaty, it states that the interest should only be taxable in the UK. As you have been taxed on the US, you would need to contact the tax authorities there to claim a refund.
Thank you.
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