Part 6Exempt income

Chapter 9Other income

Income of non-UK residents from certain securities

774Income from securities issued by designated international organisations

1

No liability to income tax arises for a non-UK resident in respect of income from a security issued by an organisation if—

a

the organisation has been designated by the Treasury for the purposes of this section, and

b

the liability only arises because one or more of circumstances A to C apply.

2

Circumstance A is that the security is issued in the United Kingdom or in sterling.

3

Circumstance B is that the income is made payable or paid in the United Kingdom or in sterling.

4

Circumstance C is that the organisation maintains an office or other place of business in the United Kingdom.

5

The Treasury may by order designate for the purposes of this section—

a

any of the F1CommunitiesF1European Union ,

b

the European Investment Bank,

c

any international organisation that meets conditions A and B.

6

Condition A is that one of its members is the United Kingdom or any of the F1CommunitiesF1European Union .

7

Condition B is that the agreement under which that member became a member provides for the same kind of exemption from tax for income from securities issued by the organisation as this section provides.