I own a few shares in a UK plc. Got dividends from them and I can see from the document sent that there is an amount for tax credit. I had to declare to the revenue this dividend as net dividend but in my P21 it showed that 41% has been deducted. The tax credit deducted on the document received is approx 11%. Why do I have to pay 41% and not just the balance to the Irish revenue collectors? What can I do in this situation.
As far as I know you should be able to claim a tax credit against your Irish income tax liability on the dividend income in respect of the dividend witholding tax paid to the UK authorities. Get onto Revenue and query it.