Regulation 4 Amendments to the principal Regulations

After regulation 4(1)(b) there shall be inserted the following sub-paragraph—

“(bb)

a payment to trustees of a discretionary or accumulation trust in their capacity as such where the trustees are not resident in the United Kingdom and any person who is a beneficiary of the trust is—

(i)

an individual who is not ordinarily resident in the United Kingdom, or

(ii)

a Scottish partnership, all the partners in which are individuals not ordinarily resident in the United Kingdom, or

(iii)

a company within the meaning of section 832(1) of the Taxes Act which is not resident in the United Kingdom;”.