My beneficiary’s US trust has 6,500 interest with no tax deducted at source and 22,000 dividends with 30% tax deducted. Will HMRC allow a 15% FTCR across the whole of the trust income ie £28,500 x 15% = 4,275.
The tax return leads one to look through to the underlying income and declare interest and dividends separately which then leads to only 3,300 FTCR.
Has anyone seen HMRC having a lenient approach to this?
The 140 Trustee Co Ltd