Part 15

Deduction of income tax at source
Chapter 2

Meaning of “relevant investment” for purposes of section 876

Investments which are not relevant investments

Investments held outside the United Kingdom
868
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.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
For the purposes of this section an investment is held at a branch of a deposit-taker ... if the investment is recorded in its books as a liability of that branch.
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
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
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
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)
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