Finance Act 2003

Introduction

1 (1) This Schedule makes provision about transactions carried out on behalf of a company that is not resident in the United Kingdom (a “non-resident company”), in the course of that company’s trade, by a person in the United Kingdom acting as—

(a) a broker (paragraph 2),

(b) an investment manager (paragraphs 3 to 5), or

(c) a members' or managing agent at Lloyd’s (paragraph 6).

(2) The provisions of this Schedule supplement—

(a) section 148(3) (meaning of “permanent establishment”: not to include independent agent), and

(b) section 151(2)(c) (limit on income tax chargeable on non-resident company: income arising from transactions carried out through independent agent).