BRITISH INCOME TAX REFUNDS.

New Zealand Tablet, Volume L, Issue 35, 6 September 1923, Page 37

BRITISH INCOME TAX REFUNDS.

TO THE EDITOR. Sir, Now that the Finance Bill of 1923-24 has passed into law, do doubt your readers who derive any income from the United Kingdom will; be interested to learn its provisions. Briefly the most important changes affecting non-resi-dents are these : (1) The standard rate of tax has been reduced to 4/6 in the pound, (2) Claims can be made for three years back, but this limit will gradually be extended to six years. It will not be possible, however, to claim for years prior to 1920-21, the section not being retroactive. (3) Income derived from the Irish Free State will be exempt from British tax, but liable to Irish income tax, which is 5j- in the pound for 1923-24. There are apparently still many people deriving income from the United Kingdom who are unaware that they can recover at least part of the income tax charged on it. This is in many cases due to the fact that dividends are often marked “free of tax” and in some instances even no mention whatever of tax is made where they are paid through a local branch of a British Company, In both these cases, however, tax is recoverable, Should any of your readers desire further information on this question, I shall be pleased to advise them, if they will address me at 13, Buckingham Palace Gardens, London. I am, etc., Wilfred T. Fry. July 16, 1923;; ' , “ "V