Regulation 14 The reputable intermediary condition

(1)

The reputable intermediary condition is met with respect to a recipient on the date the interest distribution is made if conditions A to C are met.

(2)

Condition A is that the interest distribution is made on behalf of the recipient to a company.

(3)

Condition B is that the investment trust or prospective investment trust making the interest distribution has reasonable grounds for believing that the recipient 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 regulated country or territory, and

(ii)

is an associated company of a company which is subject to sub-paragraph (a) or (b).