Regulation 27 The reputable intermediary condition

United Kingdom

(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).

Annotations

F1: Word 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