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Sam
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Category: Tax
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, I am doing a borrowing of fund from one of UK registered

Resolved Question:

Hi,
I am doing a borrowing of fund from one of UK registered investment company. I am giving them 40% equity from my company as a stake until repayment is complete. I am a foreign company and foreigner. Do I need to pay NRT tax to HM Revenue & Customs before fund being transferred through bank?? How does it work? Thank you.
Regards,
RS
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

Thanks for your question

Can you expand on what you mean by NRT - as this is not a term used by HMRC - and who is suggesting that this NRT tax is due ?

Thanks

Sam

Customer: replied 2 years ago.

The tax agent appointed by bank issued me invoice to pay Non Resident Tax (NRT) owed to HM Revenue & Customs together with his administration charges.

I just want to make sure that I am liable to pay Tax or it is just a scam.

Expert:  Sam replied 2 years ago.

Hi

Thanks for your response.

I am sorry to advsie this is most definatly a scam - as you would NEVER be asked to pay tax via a tax agent for the bank, so do NOT part with any money. (Often there is also a mention of a COT Code which clarifies further that this is a scam)

Let me know if you wish any futher help with this but it would be appreciated if you could rate me for the service I have provided, or click accept.

Thanks

Sam

Customer: replied 2 years ago.

Could you elaborate on the tax procedures??

Expert:  Sam replied 2 years ago.

Hi

There are no tax proocedures as already advsied - this is a scam.

You would never have to pay tax on either borrowing OR lending money in or out of the UK, so I cannot advise on a tax procedure that does not exist!

Thanks

Sam

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