Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 2 U.K. [F1 Meaning of “relevant investment” for purposes of section 876]

Textual Amendments

F1 Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4

[F2 Investments] which are not relevant investments U.K.

Textual Amendments

F2 Word in s. 863 cross-heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 13

868 Investments held outside the United Kingdom U.K.

(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.

F3 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) For the purposes of this section an investment is held at a branch of a deposit-taker F4 ... if the investment is recorded in its books as a liability of that branch.

Textual Amendments

F3 S. 868(3) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 15

F4 Words in s. 868(4) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 14