TSEM3655 - Trust income and gains: relief for overseas tax: beneficiary entitled to trust income
»Ê¹ÚÌåÓýappse instructions apply to taxed overseas trust income that is treated as a beneficiary’s income as it arises.
»Ê¹ÚÌåÓýapp trustees can claim, and receive, tax credit relief on behalf of the beneficiary. »Ê¹ÚÌåÓýapp amount is based on the beneficiary’s marginal rate and residence status. INTM367730+ onwards has instructions about tax credit relief.
If the trustees do not claim relief, the overseas income chargeable is the net amount after deduction of overseas tax.
A paying agent may have allowed provisional tax credit relief on overseas income. If that provisional relief is excessive, the beneficiary accounts for the excessive relief.