Hi,
Can foreign income (capital gains and or dividend) be added to the domestic exemptions for tax calculation ?
This query is for a UK resident who is UK domiciled and 40% higher rate tax payer.
e.g. I have sold foreign shares/stocks or foreign property (worth £100,000 )and have paid 20% capital gains tax (£ 20,000) in that country (which has a dual taxation treaty with UK).
As I need to pay Income tax on an arising basis, how do I calculate the income tax ? Does the capital gains (£ 12,300) and dividend (£ 2,000) allowance extend to foreign income ?
If you could help with the example above that would be very much appreciated.
Thank you very much in advance for all your help.
Thanks
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