Thread: Tax Accounts
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Old 10-11-2013, 02:20 AM
davidbakner99 davidbakner99 is offline
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Default Re: Tax Accounts

When computing the 'relevant amount' under section 59A(1), or when claiming to reduce or cancel payments on account, the tax deducted at source will include:

1. any income tax deducted (or treated as deducted) from any income, or tax treated as paid on any income
2. any PAYE tax deducted at source in respect of that year (ITEPA03/S684) including any tax that will be deducted under PAYE in a subsequent year
3. any credit on dividends etc (ITTOIA05/S397 and 397A).

Any amounts deducted at source under ITEPA03/S684 in a tax year in respect of a previous year will be excluded.

Foreign tax is not within the definition of tax deducted at source. However, it is a constituent part of the calculation to arrive at the figure of 'assessed tax' (see S59A(1)(b)). It is that figure of 'assessed tax' which allows you to calculate the 'relevant amount' for the purpose of fixing the payments on account due.
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