Related Commentary  Related HMRC Manuals

10(1)  Subsection (2) applies if–

(a)a person is treated under section 628(5) of ITA 2007 as making accrued income profits in an interest period,

(b)the person would, were the person to become entitled in the relevant tax year to any interest on the securities concerned, be liable in respect of the interest to tax chargeable under ITTOIA 2005 on relevant foreign income, and

(c)the person is liable under the law of the territory to tax in respect of interest payable on the securities at the end of the interest period or the person would be so liable if the person were entitled to that interest.

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