Part 15Deduction of income tax at source
Chapter 2Deduction by deposit-takers and building societies
Other investments which are not relevant investments
868Investments held outside the United Kingdom
1
An investment with a deposit-taker is not a relevant investment if—
a
the deposit-taker is UK resident for income tax purposes or corporation tax purposes, and
b
the investment is held at a branch of the deposit-taker situated outside the United Kingdom.
2
An investment with a deposit-taker is not a relevant investment if—
a
the deposit-taker is non-UK resident for income tax purposes or corporation tax purposes, and
b
the investment is not held at a branch of the deposit-taker situated in the United Kingdom.
3
An investment with a building society is not a relevant investment if it is held at a branch of the building society situated outside the United Kingdom.
4
For the purposes of this section an investment is held at a branch of a deposit-taker or building society if the investment is recorded in its books as a liability of that branch.