Revenue Note for Guidance

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Revenue Note for Guidance

172J Credit for, or repayment of, dividend withholding tax borne

Summary

This section provides that where the person beneficially entitled to a relevant distribution has suffered DWT in a year of assessment, that person may claim to have the DWT set off against that person’s liability to income tax for that year and, if the DWT exceeds that liability, to have the excess refunded. If such a person is not within the charge to income tax, a claim may be made for a refund of the DWT deducted. If such a person has suffered DWT and is a non-liable person in relation to DWT, or would be such a person if the requirement to make the necessary declaration of exemption had not been necessary, the person may claim a refund of DWT.

Details

(1) Where a person beneficially entitled to a relevant distribution is within the charge to income tax for a year of assessment and has suffered DWT referable to that year of assessment, the person may claim to have the DWT set off against the person’s liability to income tax for that year and, if the DWT exceeds that liability, to have the excess refunded.

(2) If such a person is not within the charge to income tax, a claim may be made for a refund of the DWT deducted.

(3) If such a person has suffered DWT in a year of assessment (individual) or in an accounting period (company) and is a non-liable person in relation to DWT, or would be such a person if the requirement to make the necessary declaration of exemption set out in Schedule 2A had not been necessary, the person may claim a refund of DWT.

(4) Claims under this section must be supported by the statement given to the claimant in accordance with section 172I(1) by the company which made the relevant distributions or by the authorised withholding agent which is treated as having made the relevant distributions.

(5) Revenue does not authorise the set-off or a refund of DWT unless revenue receives such evidence as it considers necessary to establish the claimant’s entitlement to the set-off or refund.

Relevant Date: Finance Act 2019