Part 15Deduction of income tax at source
Chapter 2Meaning of “relevant investment” for purposes of section 876
Investments which are not relevant investments
868Investments held outside the United Kingdom
(1)
An investment with a deposit-taker is not a relevant investment if—
(a)
the deposit-taker is UK resident for income tax purposes or corporation tax purposes, and
(b)
the investment is held at a branch of the deposit-taker situated outside the United Kingdom.
(2)
An investment with a deposit-taker is not a relevant investment if—
(a)
the deposit-taker is non-UK resident for income tax purposes or corporation tax purposes, and
(b)
the investment is not held at a branch of the deposit-taker situated in the United Kingdom.
F1(3)
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(4)
For the purposes of this section an investment is held at a branch of a deposit-taker F2... if the investment is recorded in its books as a liability of that branch.