SAIM9360 - Deduction of tax: qualifying private placements: the regulations: the creditor
The regulations: the creditor
Regulation 2 defines the creditor as the person who is beneficially entitled to the interest on the qualifying private placement. A payment may be passed through one or more intermediaries before receipt by the creditor who ultimately has the beneficial entitlement to the interest. The relevant debtor must hold a creditor certificate in respect of the person who is beneficially entitled to the interest.
HMRC바카라 사이트檚 International Manual at INTM332000 onwards and at INTM504020-504040 discusses the meaning of 바카라 사이트榖eneficial ownership바카라 사이트�. In the case of Indofood International Finance Limited v JPMorgan Chase Bank NA London Branch [2006] EWCA Civ 158, the Court of Appeal identified two possible approaches to determining the meaning of beneficial ownership, described by the court as an 바카라 사이트榠nternational fiscal meaning바카라 사이트� and a 바카라 사이트榥arrow technical domestic law meaning바카라 사이트�. INTM332050 notes that in practice there are unlikely to be many instances in which these two approaches are at variance with each other. Such instances are likely to be restricted to cases of 바카라 사이트榯reaty shopping바카라 사이트�. Arrangements where some or all of the interest is paid to the ultimate benefit of a lender in a non-qualifying territory (see SAIM9370) are unlikely to pass the tax advantage scheme test. In such cases, the debtor will not hold a valid creditor certificate.
Tax transparent entities will be 바카라 사이트榣ooked through바카라 사이트� to find the beneficial owner of the interest. For example, the partners in a partnership are likely to be the beneficial owners of the interest.