Section 868 — Income Tax Act 2007: Investments held outside the United Kingdom

Investments held outside the United Kingdom 868 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. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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