Deduction of Tax from interest payments

I have borrowed money from an offshore company. I will be paying interest on the monies I have received. The company, who has lent me the money, is an overseas company and they are from a country that does not have a DTA with the UK and therefore, tax should be deducted from the interest payments I make. If this was a company paying interest, then the company would file a CT61 form and pay the interest accordingly. However as I am an individual paying interest, what are the mechanics behind how I should report and pay the tax, which is due? Thank you kindly

Hi

Please refer to Director's loans

Thank you

Thank you for the response, however, you have misunderstood the question. Me, the individual is paying, the company (overseas) interest and I need to deduct tax from the payment. How do I, as the individual report this tax and when is it reported. I understand and agree, if a company pays interest, form CT61 is completed and submitted each quarter. However what is the equivalent to the CT61 form, when an individual, rather than a company, pays interest and needs to deduct tax??? Thank you kindly.

Hi Ian Hardiman,
You would need to write to HMRC each year to report the interest paid to the non resident company and any tax deducted.
We would then raise a charge.
The tax on the interest is due under ITA07/S874(2).
Guidance is at SAIM9200, SAIM9170 and SAM22010 provides more information:
SAIM9170 - Deduction of tax: collection arrangements: persons other than companies: direct collection
SAIM9200 - Payment of interest overseas
SAM22010 - Assessments: non SA assessing: legislation
Thank you.