DT applications and claims - Provisional Treaty Relief Scheme for Interest
Applications to join the Provisional Treaty Relief Scheme need speedy consideration. We want to be able to replace provisional authorities with formal SI Notices (and thereby eliminate any risk to the borrower) quickly. We will be able to do so more readily if the application forms are accompanied by adequate documentation about the loan itself and the syndicate members.
Proper examination of the application documents is still necessary, including liaison with the tax office dealing with the corporation tax affairs of the UK borrower and Customs & International.
Information we receive is commercially sensitive. It is vital that no information is given unless we are satisfied that the person asking the questions is entitled to the information.
Amongst the reasons for introducing the scheme was criticism from the financial industry that our current procedures are too slow. They have been promised that we will make a decision about issuing provisional authorities on form PTR-PAY1; PTR-SM1 or PTR-SM1A within 5 working days of the application being made. It is imperative, therefore, that all PTRS applications are given priority.