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5.—(1) A “creditor certificate” means a written statement in which a confirmation is made by or on behalf of the creditor that conditions A and B are met in respect of the creditor.
(2) Condition A is that the creditor is a resident of a qualifying territory.
(3) Condition B is that the creditor is beneficially entitled to the interest on the relevant security for genuine commercial reasons, and not as part of a tax advantage scheme.
(4) For the purposes of condition A—
“qualifying territory” has the meaning given by section 173 of the Taxation (International and Other Provisions) Act 2010(1) (“TIOPA”); and
“resident” has the meaning given by section 167(5) of TIOPA, subject to paragraph (5).
(5) Where—
(a)the creditor (“C”) is the State or any part of the State (including any local authority) of a qualifying territory; and
(b)C would not by virtue of section 167(5) of TIOPA be a resident of that territory,
C is to be treated as a resident of the qualifying territory.
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