Company: TDBCP
Filing Date: 2025-03-07
Form Type: 424B3
Source: 0001140361-25-007568
Chunk: 51

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-07
Form: 424B3
Chunk 51
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 potential treatment of any such entity as a USRPHC and the notes as USRPI.

Section 871(m). The Treasury has issued regulations under which a 30% withholding tax (which may be reduced by an applicable
    income tax treaty) is imposed on certain “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more U.S.-source dividend-paying equity securities (an “

#### 871(m) Specified ELI
”). The withholding tax can apply even if the 871(m) Specified ELI does not provide for payments that reference dividends. Under these regulations, the withholding tax generally will apply to
    871(m) Specified ELIs (or a combination of 871(m) Specified ELIs treated as having been entered into in connection with each other) issued (or reissued, as discussed below) on or after January 1, 2018, but will also apply to certain 871(m) Specified
    ELIs (or a combination of 871(m) Specified ELIs treated as having been entered into in connection with each other) that have a delta of one (“

#### Delta-One Specified ELIs
”) issued (or reissued, as discussed below) on
    or after January 1, 2017. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not
    apply to 871(m) Specified ELIs that are not Delta-One Specified ELIs and are issued before January 1, 2027.

The 30% withholding tax may also apply if the notes are deemed to be reissued for tax purposes upon the occurrence of certain events affecting an Underlying Stock or
    the notes, and following such occurrence the notes could be treated as Delta-One Specified ELIs that are subject to withholding on dividend equivalents. It is also possible that withholding tax or other Section 871(m) tax could apply to the notes under
    these rules if a non-U.S. holder enters, or has entered, into certain other transactions in respect of the Market Measure or the notes.  Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the
    notes, non-U.S. holders are urged to consult with their tax advisors regarding the application of Section