27.—(1) The reputable intermediary condition is met with respect to a participant on the distribution date if conditions A to C are met.
(2) Condition A is that the interest distribution is paid on behalf of the participant to a company.
(3) Condition B is that the legal owner has reasonable grounds for believing that the participant is not F1... resident in the United Kingdom.
(4) Condition C is that the company mentioned in paragraph (2)—
(a)is subject to the EC Money Laundering Directive,
(b)is subject to equivalent non-EC provisions, or
(c)is a company which—
(i)is resident in a regulating country or territory, and
(ii)is an associated company of a company which is subject to paragraph (a) or (b).
Textual Amendments
F1Word in reg. 27(3) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 7