TaxPersonal TaxPre-Budget statement: Withholding tax simplification

Pre-Budget statement: Withholding tax simplification

The government has brought interest and royalties paid between companies into line with the Budget 2000 announcement abolishing withholding tax on international bond interest.

The proposal tidies up an anomaly and means that from 1 April 2001 the paying company would no longer need to deduct tax from most interest or royalties paid to such a company.

Alastair Kendrick of Ernst & Young welcomed the move to align what appeared to be a two-tier system.

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