shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jan 30, 2015 11:34:58 GMT
I've just noticed, careless of me but
If you are a resident outside of the UK and the original loan term is more than 12 months, then we are normally obliged to deduct basic rate income tax from the interest. Where there is a suitable Double Tax Treaty and HMRC confirms that you have filed the relevant paperwork then we will be able to pay you gross.
They are the only platform doing this so I assume they've asked the wrong person in HMRC; I'm still waiting for their response, but does anybody else have a clue, what why etc?
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Post by wiseclerk on Jan 30, 2015 11:53:25 GMT
I thought withholding tax was due to come only later (was it 2016/2017 (?)) for interest paid on UK p2p lending platforms to non-residents for interest on loans to businesses for longer than 12 months term? Probably FK interpreted existing rules different. Certainly one needs to keep an eye on whats happening. And I prefer those UK platforms with liquid secondary markets so I can get out when major changes loom. As many expats are looking where to go about p2p lending I did set up this list www.wiseclerk.com/group-news/p2p-lending-services-open-to-international-non-resident-investors/
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