overseas tax relief

overseas tax relief
Where an individual has an overseas source of income liable to UK tax on which he has already suffered overseas tax, he may be able to claim overseas tax relief, reducing the amount of UK tax which is due on the income. The purpose of this is to prevent individuals suffering unfairly high rates of taxation on their income, when both UK and overseas tax is taken into account. Dresdner Kleinwort Wasserstein financial glossary

Financial and business terms. 2012.

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