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(1)Section 349(2) shall not apply to interest paid on any quoted Eurobond where—
(a)the person by or through whom the payment is made is not in the United Kingdom; or
(b)the payment is made by or through a person who is in the United Kingdom but either of the conditions mentioned in subsection (2) below is satisfied.
(2)The conditions are—
(a)that it is proved, on a claim in that behalf made to the Board, that the person who is the beneficial owner of the quoted Eurobond and is entitled to the interest is not resident in the United Kingdom;
(b)that the quoted Eurobond is held in a recognised clearing system.
(3)In a case falling within subsection (1)(b) above the person by or through whom the payment is made shall deliver to the Board—
(a)on demand by the Board an account of the amount of any such payment; and
(b)not later than 12 months after making any such payment, and unless within that time he delivers an account with respect to the payment under paragraph (a) above, a written statement specifying his name and address and describing the payment.
(4)Where by virtue of any provision of the Tax Acts interest paid on any quoted Eurobond is deemed to be income of a person other than the person who is the beneficial owner of the quoted Eurobond, subsection (2)(a) above shall apply as if it referred to that other person.
(5)Subsections (3) to (6) of section 123 shall apply in relation to interest on quoted Eurobonds as they apply to foreign dividends but with the following modifications—
(a)subsection (4) shall apply as if it required a claim to have been made on or before the event by virtue of which tax would otherwise be chargeable; and
(b)paragraph 6(1) of Schedule 3 shall apply with the omission of paragraphs (a) and (b).
(6)In this section—
“quoted Eurobond” means a security which—
is issued by a company;
is quoted on a recognised stock exchange;
is in bearer form; and
carries a right to interest; and
“recognised clearing system” means any system for clearing quoted Eurobonds which is for the time being designated for the purposes of this section by order made by the Board, as a recognised clearing system.
(7)An order under subsection (6) above—
(a)may contain such transitional and other supplemental provisions as appear to the Board to be necessary or expedient; and
(b)may be varied or revoked by a subsequent order so made.
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