Section 468PA — Finance Act 2003: Section 468O(1A): consequences of reasonable but incorrect belief

Section 468O(1A): consequences of reasonable but incorrect belief 468PA Where—

a an interest distribution is made to a unit holder by the trustees of an authorised unit trust, b the trustees, in reliance on the reputable intermediary condition being fulfilled with respect to the unit holder, do not comply with the obligation under section 349(2) to make a deduction from the interest distribution, c that obligation would apply but for that condition being so fulfilled, and d (contrary to the belief of the trustees) the unit holder is in fact ordinarily resident in the United Kingdom, section 350 and Schedule 16 have effect as if that obligation applied.