A Sunday Times reader asks if she and her sister are liable to pay UK withholding tax on the proceeds of dividends from British bank shares they inherited. Neither sister works outside the home and they have no independent incomes, although both their husbands pay tax here at the higher rate.
Newspaper columnist Jill Kerby advises a self-employed reader he will not be eligible to offset a loss on the disposal of a foreign property against the tax generated on income from his web-based business.
No more excuses. No more procrastination. Come in Mr Taxpayer your time is up.
That’s the key message from both The Sunday Business Post and The Sunday Times, both of which devote copious space to the upcoming October 31 and November 15 tax deadlines.
Where The Sunday Business Post employs the trick approach to the Halloween deadline, over at the Sunday Times they prefer to concentrate on the treat. It appears the annual deadline could become a cause for celebration, rather than fear of the boogieman.
The looming tax deadline presents the final opportunity to offset a pension contribution against tax for 2010. Relief is granted at the taxpayer’s marginal rate of income tax subject to an overall earnings cap and a sliding-scale of contributions determined by age.