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5. In section 468O for subsection (1) substitute the following subsection—
“(1) For the purposes of section 468M, the residence condition is fulfilled with respect to a unit holder in the case of an interest distribution made to or received under a trust if there is a valid declaration made by the trustees of that trust that—
(a)the trustees are not resident in the United Kingdom(1), and
(b)each beneficiary of the trust is either not ordinarily resident or, in the case of a beneficiary which is a company, not resident in the United Kingdom.
(1ZA) In subsection (1) and in section 468P, references to a beneficiary are references to any person who is known to the trustees of the trust to be either—
(a)a person who is, or will or may become, entitled to any income of the trust, whether in the form of income or not, or
(b)a person to whom any such income may be paid, or for whose benefit any such income may be applied, whether in the form of income or not, in the exercise of a discretion by them.”.
See section 110 of the Finance Act 1989 (c. 26).
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