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774Income from securities issued by designated international organisations

(1)    No liability to income tax arises for a non-UK resident in respect of income from a security issued by an organisation if—

(a)    the organisation has been designated by the Treasury for the purposes of this section, and

(b)    the liability only arises because one or more of circumstances A to C apply.

(2)    Circumstance A is that the security is issued in the United Kingdom or in sterling.

(3)    Circumstance B is that the income is made payable or paid in the United Kingdom or in sterling.

(4)    Circumstance C is that the organisation maintains an office or other place of business in the United Kingdom.

(5)    The Treasury may by order designate for the purposes of this section—

(a)    any of the Communities,

(b)    the European Investment Bank,

(c)    any international organisation that meets conditions A and B.

(6)    Condition A is that one of its members is the United Kingdom or any of the Communities.

(7)    Condition B is that the agreement under which that member became a member provides for the same kind of exemption from tax for income from securities issued by the organisation as this section provides.

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Foreign Income92 International Law93 Company Law & Business Entities92 Trusts & Trustees99 Equity & Trusts99 Companies & Corporate Bodies92 Income Tax99 International Institutions & Organisations93 Trading Income94 Administration & Collection of Income Tax96 International Tax99 Tax Law99 Exempt Income92 Personal Taxes94 Overseas Elements of Income Tax99

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