HMRC have revised the terms and conditions for the double taxation treaty passport scheme to create a simplification for UK borrowers with loans from multiple lenders. Rather than requiring borrowers to complete individual DTTP2 forms for each separate lender, HMRC say it ‘is willing to consider’ a monthly consolidated notification accompanied by a schedule which sets out the names of lending passport holders, passport numbers, countries of residence and treaty rates of relief.
HMRC note that this will still require a passport holder to follow the standard DTTP procedure with the borrower – for example, specifying the rate of double taxation relief it considers it is entitled to, but in a modified form ‘appropriate to the borrower’s circumstances’. UK borrowers wishing to enter into such arrangements with HMRC are asked to contact the double taxation treaty team: dttteam.lbnottingham@hmrc.gov.uk.
HMRC have revised the terms and conditions for the double taxation treaty passport scheme to create a simplification for UK borrowers with loans from multiple lenders. Rather than requiring borrowers to complete individual DTTP2 forms for each separate lender, HMRC say it ‘is willing to consider’ a monthly consolidated notification accompanied by a schedule which sets out the names of lending passport holders, passport numbers, countries of residence and treaty rates of relief.
HMRC note that this will still require a passport holder to follow the standard DTTP procedure with the borrower – for example, specifying the rate of double taxation relief it considers it is entitled to, but in a modified form ‘appropriate to the borrower’s circumstances’. UK borrowers wishing to enter into such arrangements with HMRC are asked to contact the double taxation treaty team: dttteam.lbnottingham@hmrc.gov.uk.
