The purpose of this note is to consider in a simple way the effect of double taxation relief on overseas investments, with special reference to those of Life Offices transacting business in the United Kingdom. This deserves consideration in practice, because under certain circumstances the spreading of Life Office investment in equities between equities of companies resident in the United Kingdom and companies overseas may be more profitable than confining investments to those expressed in the currency of the United Kingdom. The amount of the relief allowed is of course material in determining how profitable such spreading of investments may be. It is not intended to deal with the many additional considerations such as, for example, the possibility of changes in exchange rates, which have to be borne in mind when investing overseas.