Yn ddilys o 10/07/2003
[F2468PA[F1Section 468O(1A): consequences of reasonable but incorrect belief]U.K.
Where—
(a)an interest distribution is made to a unit holder by the trustees of an authorised unit trust,
(b)the trustees, in reliance on the reputable intermediary condition being fulfilled with respect to the unit holder, do not comply with the obligation under section 349(2) to make a deduction from the interest distribution,
(c)that obligation would apply but for that condition being so fulfilled, and
(d)(contrary to the belief of the trustees) the unit holder is in fact ordinarily resident in the United Kingdom,
section 350 and Schedule 16 have effect as if that obligation applied.]
Textual Amendments
F1Ss. 468H-468R and cross-headings inserted (with effect in accordance with Sch. 14 para. 7 of the amending Act) by Finance Act 1994 (c. 9), Sch. 14 para. 2
F2Ss. 468PA, 468PB inserted (with effect in accordance with s. 203(14) of the amending Act) by Finance Act 2003 (c. 14), s. 203(9)
Modifications etc. (not altering text)
C1Ss. 468M, 468O, 468PA applied (with modifications) (7.8.2003 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 2003 (S.I. 2003/1830), regs. 1(1), 7