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HM Revenue & Customs

Foreign Income 63 - Special Withholding Tax

This was an amount of tax withheld on certain payments to UK residents by some European Member States and other related and third party territories under the terms of the European Savings Directive and equivalent third party agreements. This tax will be in addition to any foreign tax deducted by the country of origin of the payment.

The countries that may deduct Special Withholding Tax (SWT) are:

Where SWT is deducted you are treated as having paid in the year of deduction an equivalent amount of Income Tax in the UK, which can be set against your UK tax liability of that year or repaid to you if the amount exceeds that liability.

If Special Withholding Tax has been deducted by one of the territories listed above from the proceeds of a transaction, which if a gain were to accrue on it would be a chargeable gain and chargeable to Capital Gains Tax, enter the total amount of SWT in sterling here.