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HMRC internal manual

International Manual

Double Taxation Agreements: Spain: Income from a UK source paid to a resident of Spain - UK interest paid to a resident of Spain (Article 11)

UK interest paid to a resident of Spain who is the beneficial owner of the interest is taxable in the UK at 12%.

If the beneficial owner is not subject to tax (see INTM332200) in Spain in respect of an interest payment from a security that is quoted on a stock exchange (see INTM342070 for information about interest payments made after 31 March 2001) no relief is available if the security is sold within 3 months of the date on which it was acquired. The Spain/Individual & Spain/Company provide appropriate questions that will help you decide if this test for relief from UK income tax has to be considered.