These instructions apply to taxed overseas trust income that is
treated as a beneficiary’s income as it arises.
The trustees can claim, and receive, tax credit relief on
behalf of the beneficiary. The amount is based on the
beneficiary’s marginal rate and residence status. INTM367730+
onwards has instructions about tax credit relief.
If the trustees do not claim relief, the overseas income
chargeable is the net amount after deduction of overseas tax.
A paying agent may have allowed provisional tax credit
relief on overseas income. If that provisional relief is excessive,
the beneficiary accounts for the excessive relief.
