Part 14Income tax liability: miscellaneous rules
F2Chapter 2BUK representative of non-UK resident
F1The independent investment manager conditions
S. 835M and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 11 (with Sch. 9 paras. 1-9, 22)
835PF3Treatment of transactions where 20% rule not met
1
This section applies in the case of an investment transaction in relation to which the independent investment manager conditions are met, except for the requirements of the 20% rule.
2
This Chapter has effect as if the requirements of that rule were met in relation to the transaction, but only in relation to so much of the transaction income in relation to the transaction (see section 835I(2) and (3)) as does not represent an amount—
a
which is relevant disregarded income of the non-UK resident, and
b
to which the investment manager or a person connected with the investment manager has or has had any beneficial entitlement.
Pt. 14 Ch. 2B inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 1 (with Sch. 9 paras. 1-9, 22)