F1PART 3AANNUAL PAYMENTS TO NON-RESIDENTS
Annotations:
Amendments (Textual)
Consequences of reasonable but incorrect belief124B
1
This regulation applies if—
a
an annual payment is made to a participant without a sum representing income tax on the payment being deducted from it,
b
at the time the payment is made, the condition in regulation 124A(6) is met,
c
the payment would be a qualifying annual payment but for that condition being met, and
d
at the time the payment is made, the participant is resident in the United Kingdom.
2
Section 900 (deduction from commercial payments made by individuals) and section 901 (deduction from annual payments made by other persons) of ITA 2007 apply as if the payment were a qualifying annual payment.
Pt. 3A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013 (S.I. 2013/1770), regs. 1(1), 2(3)