Paragraph 5 Holders of excessive rightsI1

In section 553 (meaning of “holder of excessive rights”), in subsection (1), after paragraph (b) insert

“,

other than a person to whom a payment of a distribution must be made without deduction of income tax in accordance with regulation 7 of the Real Estate Investment Trusts (Assessment and Recovery of Tax) Regulations 2006 (S.I. 2006/2867) (gross payment of distributions).”