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HMRC internal manual

Double Taxation Relief Manual

Singapore: Underlying Tax

(1) Documents needed to support the underlying tax claim

The accounts showing the profits used to pay the dividend and the notice of assessment taxing these profits will be required by the Underlying Tax Group. Profits for the year ended 31 December 2008 are assessed in the tax year ended 31 December 2009.

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(2) Spared tax

The calculation of tax spared prepared by the Singapore company’s accountants should be sent to the Underlying Tax Group together with the certificate granting tax sparing status.

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(3) Company tax deducted

Singapore dividends do not suffer withholding tax as such. The amount shown on the dividend voucher is notional company tax deducted (CTD) which is not available for credit for dividends paid on or after 27 July 1993. The underlying tax rate is calculated using the accounts profits and the assessed tax.