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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Does a US-resident have to pay taxes on a loan from a UK

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Does a US-resident have to pay taxes on a loan from a UK bank?
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Customer: If the loan has been approved by the UK bank, does the bank need to receive a "Non-Residential Tax Clearance Certificate" from the HMRC before the loan-amount can be transferred from the UK into another country?

Hello and welcome to JustAnswer. I’m taxadvisor.uk, a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

Once your loan is approved by UK bank and the amount has been credited into your account, you don't need "Non-Residential Tax Clearance Certificate" to transfer these funds into your account outside the UK.

Your receiving bank abroad may wish to satisfy themselves regarding source of funds to comply with anti money laundering regulations.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 11 days ago.
Many thanks to you. Additional detail: The loan has been approved by a UK lender/financial institution. This lender is using a recognized UK Bank, Barclays, to transfer the funds to the borrower's account in the US. The borrower is a US citizen. Barclays will not transfer the funds unless they have received a written documentation that the borrower has paid Engl Pounds 7,200.00 to receive a "Non-residential Tax Clearance Certificate"?!
Customer: replied 11 days ago.
No call please
Customer: replied 11 days ago.
Please answer my second question, thank you, ***** ***** appreciate your help.

Thank you for your reply.

To be honest, I have not heard of and/or come across this requirement before.

I hope this is helpful.

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