Section 868 Investments held outside the United Kingdom

United Kingdom

(1)

An investment with a deposit-taker is not a relevant investment if—

(a)

the deposit-taker is UK resident for income tax purposes or corporation tax purposes, and

(b)

the investment is held at a branch of the deposit-taker situated outside the United Kingdom.

(2)

An investment with a deposit-taker is not a relevant investment if—

(a)

the deposit-taker is non-UK resident for income tax purposes or corporation tax purposes, and

(b)

the investment is not held at a branch of the deposit-taker situated in the United Kingdom.

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

For the purposes of this section an investment is held at a branch of a deposit-taker F2... if the investment is recorded in its books as a liability of that branch.

Annotations

Textual amendments

F1: S. 868(3) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 15
F2: Words in s. 868(4) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 14

Notes on Part 15

Modifications

C1: Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Notes on Chapter 2

Textual amendments

F1: Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4

Notes on Investments which are not relevant investments

Textual amendments

F1: Word in s. 863 cross-heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 13