Hit hard by PFIC tax - can it be used to help UK taxes?

I was clobbered with $5k of US PFIC tax on  the sale of my last $10k of  UK unit trusts - unfair but it is done.

Can I use any of this $5k to reduce future UK taxes?

I won't pay any UK tax for 20-21 since I was non resident but will be UK resident in 21-22 ( but still US primary treaty)

I seriously doubt HMRC will give me a refund this year for 'overpaying'  tax on UK investments but perhaps this can be used as a credit for next year when I will pay some UK tax.

Any ideas?

Doubt it.

But not sure if this helps?
https://www.gov.uk/government/publications/calculating-foreign-tax-credit-relief-on-income-hs263-self-assessment-helpsheet/hs263-relief-for-foreign-tax-paid-2019

You tend to be taxable when the ‘taxable event’ occurs. When did the disposal happen?


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Thanks for the link

This line from that doc seems to rule out any credit for the obscene PFIC tax

An excess of foreign tax over the UK tax on a particular gain cannot be credited against UK tax on any other capital gain.


Bill