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18 May 2021
UK taxation of ‘capital’ income in Finland.
Undisclosed capital income from sales of wood has been received for many years from the part ownership of a piece of forest in Finland.
The personal Finnish calendar year tax return states the income is from:
- Forest business-capital income from forest partnership x
- Less forest business tax deduction 5% (x)
- Taxable capital income x
We are advised that the partnership pays VAT in Finland and it appears the partnership makes payments on account of the personal tax of the partners in Finland. The partners then personally receive a...
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