Tax and dividend update for non-UK residents

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HMRC is seeking to change all credit unions’ handling of dividends to non-UK residents.

We have been advised that HMRC is intending to force all credit unions to deduct tax at source from dividends currently paid gross to non-UK residents.

The credit union trade body is lobbying to prevent this unfortunate development and further news will be posted on this site as and when available

We would like to make members aware that HMRC require the Credit Union to submit an annual return at the end of each financial year detailing all dividends paid to members during the course of the year. We reiterate that it remains each member’s responsibility to declare to HMRC all dividends that they have received from us.”