Examples of DTTP Scheme in a sentence
In relation to the types of borrowers that could benefit from the scheme, the Office of Tax Simplification’s (OTS) Final Report on Partnerships in January 2015 asked HMRC to review the scope of the DTTP scheme (paras 4.47 to 4.50 of the report), stating that “There appears to be no particular reason for limiting the DTTP Scheme to corporate borrowers where the UK tax risk is with the identity of the lender rather than that of the borrower.
If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 2.17(f)(iii)(B), the Borrower shall not make a UK DTTP Filing or file any other form relating to the UK DTTP Scheme in respect of that Lender’s Commitment or participation in any Loan unless the Lender otherwise agrees.
This worked well in the main, and this initial stage of the DTTP Scheme went smoothly and successfully.HMRC would also like to avoid similar strains on the DTTP system at renewal time, and seeks by such an approach to ensure a more evenly spread pattern of occurrences at both inception and renewal stages.More details will be published nearer the time on HMRC’s website www.hmrc.gov.uk.When granted, a DT treaty passport will be good for 5 calendar years.
If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 4.7(f)(iii)(2), no Credit Party shall make a UK DTTP Filing or file any other form relating to the UK DTTP Scheme in respect of that Lender’s Commitment or participation in any Loan unless the Lender otherwise agrees.