Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Chapter 2 U.K. Deduction by deposit-takers and building societies

Other investments which are not relevant investments U.K.

868 Investments held outside the United Kingdom U.K.

(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.