Regulation 27 The reputable intermediary condition

(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 ordinarily 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).