Related Commentary  

774(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.

774(2)  Circumstance A is that the security is issued in the United Kingdom or in sterling.

774(3)  Circumstance B is that the income is made payable or paid in the United Kingdom or in sterling.

774(4)  Circumstance C is that the organisation maintains an office or other place of business in the United Kingdom.

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