Part 14

Income tax liability: miscellaneous rules
Chapter 1

Limits on liability to income tax of non-UK residents

The independent investment manager conditions

Meaning of “relevant disregarded income”
821
1
This section applies for the purposes of this Chapter.
2
If section 819 applies for the purposes of section 813, the “relevant disregarded income” of the non-UK resident for the qualifying period is the total of the non-UK resident's income for the tax years comprised in the qualifying period which derives from the transactions mentioned in subsection (4).
3
If section 819 applies for the purposes of section 816, the “relevant disregarded income” of the non-UK resident company for the qualifying period is the total of the non-UK resident company's income for the accounting periods comprised in the qualifying period which derives from the transactions mentioned in subsection (5) .
4
The transactions referred to in subsection (2) are investment transactions—
a
carried out by the investment manager on the non-UK resident's behalf, and
b
in relation to which the independent investment manager conditions are met, ignoring the requirements of the 20% rule.
5
The transactions referred to in subsection (3) are transactions—
a
carried out by the investment manager on the non‑
UK
resident company’s behalf, and
b
in relation to which the investment manager does not fall to be treated as a permanent establishment of the non‑
UK
resident company, ignoring the requirements of the 20% rule.
S. 821(5) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 5(3)(c)
Words in s. 821(3) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 5(3)(a)
Words in s. 821(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) Order 2009 (S.I. 2009/23), arts. 1(1), 5(3)(b)
Pt. 14 Ch. 1 excluded by 2005 c. 5, s. 608X(3)(a) (as inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4)