Update - US withholding tax – Omnibus Trust - 01 April 2014
As counterparties are aware, LBIE has requested guidance from the US Internal Revenue Service (“IRS”) with regard to the character and source of the settlement payments. Significant progress has been made, and LBIE hopes to finalise its agreement with the IRS later this week or early next week regarding treatment of the First Interim Distribution in September.
Our withholding agent has provided counterparties with their relevant US federal income tax reporting forms (i.e., Form 1042-S and relevant 1099 forms). Any queries should be directed in the first instance to the usual LBIE counterparty contact. LBIE will provide a comprehensive update on the timing of a tax true up distribution once the tax agreement has been signed.
Contact us
Chief Finance and Administrative Officer for Lead Advisory and Restructuring, PwC United Kingdom
Tel: +44 (0)7739 873104
Performance and Restructuring Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659
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