Section 468M — Finance Act 2003: Cases where no obligation to deduct tax

Cases where no obligation to deduct tax 468M 1 Where an interest distribution is made for a distribution period to a unit holder, any obligation to deduct under section 349(2) does not apply to the interest distribution if—

a the unit holder is a company or the trustees of a unit trust scheme, or b either the residence condition or the reputable intermediary condition is on the distribution date fulfilled with respect to the unit holder.

2 Section 468O makes provision about the circumstances in which the residence condition or the reputable intermediary condition is fulfilled with respect to a unit holder.