Overview

On 1 June, HM Revenue & Customs announced a new procedure for giving treaty relief on interest payable on overseas loans from corporate lenders to UK corporate borrowers.

The new double tax treaty relief passport scheme will mean that where a lender is resident in a country which has a double tax treaty with the UK, it will be much quicker and simpler to obtain the approval of HMRC for withholding tax on interest payable on a loan to a UK borrower to apply at the treaty rate, rather than the standard UK rate of 20%.

In this briefing, Baker & McKenzie looks at how the new scheme will speed up the treaty relief process.


Click ‘View Briefing’ to read more.