CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. UK To Expand Double Tax Treaty Passport Scheme

UK To Expand Double Tax Treaty Passport Scheme

by Jason Gorringe, Tax-News.com, London

22 March 2017


HM Revenue and Customs (HMRC) is planning to make its Double Taxation Treaty Passport (DTTP) scheme available to all UK borrowers following a consultation on a legislative amendment.

The DTTP scheme provides for Double Taxation Relief on UK loan interest payments made by a UK corporate borrower to overseas corporate lenders.

"The scheme will be made available to all UK borrowers that have an obligation to deduct withholding tax, including UK partnerships, individuals, and charities," HMRC said in a consultation response document.

It added that transparent entities (including partnerships) will be admitted to the scheme as lenders where all of the constituent beneficial owners of the income are entitled to the same treaty benefits under the same treaty. In addition, sovereign wealth funds and pension funds who are utilizing withholding tax treaty rates will be admitted into the scheme as lenders.

The terms and conditions and guidance for the scheme will be updated on April 6, 2017.

TAGS: individuals | tax | interest | United Kingdom | legislation | withholding tax | HM Revenue and Customs (HMRC) | charities | HM Revenue and Customs (HMRC) | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »