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Where Taxpayers and Advisers Meet

Late received foreign distribution after filing self-assessment

quaver
Posts:8
Joined:Wed Aug 06, 2008 3:54 pm
Late received foreign distribution after filing self-assessment

Postby quaver » Tue Sep 15, 2020 4:40 pm

I filed my 2019-20 SA in late April . This included a large addition to losses carried forward. In May I received a distribution in US dollars that I subsequesntly discovered had been included in a revised CTC issued by my broker showing the payment date in December 2019. The delay was probably because the broker had changed its name since the last time such a payment came in. If I log in to my HMRC account will I be able to make a change, and if so what exchange rate should I use to value the distribution in sterling? This will of course reduce the figure claimed for losses carried forward. Will I be able to change that too?

bd6759
Posts:4267
Joined:Sat Feb 01, 2014 3:26 pm

Re: Late received foreign distribution after filing self-assessment

Postby bd6759 » Tue Sep 15, 2020 9:24 pm

There is a window until January 2021 to amend your return, but now that you know it is wrong you should do so sooner.

The exchange rate is the date of payment, but HMRC don’t usually object to the year average.

bd6759
Posts:4267
Joined:Sat Feb 01, 2014 3:26 pm

Re: Late received foreign distribution after filing self-assessment

Postby bd6759 » Wed Sep 16, 2020 11:26 pm

I meant until January 2022 to amend a 2019/20 tax return.

quaver
Posts:8
Joined:Wed Aug 06, 2008 3:54 pm

Re: Late received foreign distribution after filing self-assessment

Postby quaver » Thu Sep 17, 2020 8:29 am

Thanks. And from what I have been reading it looks like this will not be allowable against capital losses, though I would appreciate any guidance on any difference in tax treatment of 'dividend' and 'distribution'


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