Witholding tax / tax treaties USA - UK

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Hi,
I am thinking of starting to invest into an investment fund, nominated in USD in USA and wonder what the taxation situation would be?
Let's assume I buy 10000 USD worth of shares of an investment fund. After a year I get paid a 5% dividend. How would the 500 USD be taxed?
A bit lost with tax treaties, witholding tax, etc. so would be great if somebody could explain a bit more.
I am thinking of starting to invest into an investment fund, nominated in USD in USA and wonder what the taxation situation would be?
Let's assume I buy 10000 USD worth of shares of an investment fund. After a year I get paid a 5% dividend. How would the 500 USD be taxed?
A bit lost with tax treaties, witholding tax, etc. so would be great if somebody could explain a bit more.
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So, your broker will pay you $425 net (and supply a tax voucher confirming $500 gross and $75 tax), and you could then offset the sterling equivalent of $75 against the UK tax due on your income (which will include the converted $500).
What I not fully understand is the offset part. Does that mean that I can lower my overall tax I have to pay by the equivalent sterling amount of $75 (ca £60) in absolute numbers or will this reduce my overall taxable income by that? The former would give me an absolute reduction of £60, whereby the latter would only work out as a reduction of the taxable income so the £60 would work out only a few quid (higher rate) really.
I would assume it is the latter, so the effect would be the same as having instead of 12570 free allowance 12630?
--> So I essentially no tax at all? Seems too good to be true.
Because the fund I have in mind is no longer listed in the EU with USD nomination. The equivalent Euro one is. Not sure if things have changed now since UK is no longer part of EU and the USD one is available again. Wanted to understand taxation before I dig deeper.
https://www.franklintempleton.com/investments/options/mutual-funds/products/105/A/templeton-growth-fund-inc/TEPLX
US is going into the next round of debt increase negotiations. With some Republican rebels, warnings from Yellen, this could get to a showdown similar to the recent speaker elections. The US would need to stop paying pension funds to remain functioning, at least until June they can survive that way. Looming recession, inflation, war in Ukraine, etc. could, especially if they not find agreement to increase the debt allowance (Republicans want major cuts in social welfare payments before they would agree, the rebels are unpredictable.) send the USD down and the fund is at a low level so seems a not too bad an opportunity to invest long term.
Alternative suggestions are welcome :-)
https://www.gov.uk/tax-on-dividends
https://www.justetf.com/uk/news/etf/us-domiciled-etfs.html