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What is the interest withholding rate between United Kingdom and Nigeria?
Under the United Kingdom-Nigeria tax treaty, the withholding rate on interest is 12%. Certain types of interest (such as government bonds) may qualify for additional exemptions under specific treaty articles. This 12% rate compares to a median of 2.5% across United Kingdom's 54 active treaty partners, and 12% across Nigeria's 3 active partners.
Network Comparison
United Kingdom
Rank 49 of 54 active treaties (lowest rate = #1)
Lower rates with: Thailand (10%), Turkey (10%), Vietnam (10%)
Higher rates with: Brazil (15%), Egypt (15%), India (15%)
Nigeria
Rank 2 of 3 active treaties (lowest rate = #1)
Lower rates with: South Africa (7.5%)
Higher rates with: Canada (12.5%)
Important: Treaty rates require proper claim forms (e.g., IRS Form W-8BEN for U.S. treaties, HMRC DT-Individual for U.K. treaties, CRA Form NR301 for Canadian treaties) filed before payment. Limitation on Benefits (LOB) provisions may restrict eligibility. A 0% withholding rate does not mean no tax — the residence country may still tax the income. This is not tax advice.