Modifications etc. (not altering text)
C1Pt. 14 Ch. 1 excluded by 2005 c. 5, s. 608X(3)(a) (as inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4)
(1)This section applies to income tax to which a non-UK resident company is liable, otherwise than as a trustee.
(2)The non-UK resident company's liability to income tax for a tax year is limited to the sum of amounts A and B.
(3)Amount A is the sum of—
(a)any amounts representing income tax deducted from the non-UK resident company's disregarded company income for the tax year, [F1and]
(b)any amounts representing income tax that are treated as deducted from or paid in respect of that income, F2...
F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Amount B is the amount that, apart from this section, would be the non-UK resident company's liability to income tax for the tax year if the non-UK resident company's disregarded company income for the tax year were left out of account.
Textual Amendments
F1Word in s. 815(3) inserted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 63(15)(a)
F2S. 815(3)(c) and word omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(15)(b)
(1)For the purposes of this Chapter income arising to a non-UK resident company is “disregarded company income” if it is—
(a)disregarded savings and investment income (see section 825),
(b)disregarded annual payments (see section 826),
[F3(c)income arising from a transaction carried out through a broker in the United Kingdom acting as an agent of independent status in the ordinary course of the broker’s business,]
[F3(d)income arising from a transaction carried out through an investment manager in the United Kingdom acting as an agent of independent status in the ordinary course of the investment manager’s business, or]
(e)income of such other description as the Treasury may by regulations designate for the purposes of this section.
[F4(2)A broker is regarded for the purposes of subsection (1)(c) as an agent of independent status acting in the ordinary course of the broker’s business in relation to a transaction carried out on behalf of a non-UK resident company in the course of that company’s trade if, and only if, the independent broker conditions are met in relation to the transaction (see section 817).
(3)An investment manager is regarded for the purposes of subsection (1)(d) as an agent of independent status acting in the ordinary course of the investment manager’s business in relation to an investment transaction carried out on behalf of a non-UK resident company in the course of that company’s trade if, and only if, the independent investment manager conditions are met in relation to the investment transaction (see sections 818 to 824).
(4)This section needs to be read with—
section 827 (meaning of “investment manager” and “investment transaction”), and
section 828 (transactions through brokers and investment managers).]
Textual Amendments
F3S. 816(1)(c)(d) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by Income Tax Act 2007 (Amendment) (No.3) Order 2007 (S.I. 2007/3506), arts. 1(1), 3(4)(a)
F4S. 816(2)-(4) substituted for s. 816(2) (with effect in accordance with art. 1(2) of the amending S.I.) by Income Tax Act 2007 (Amendment) (No.3) Order 2007 (S.I. 2007/3506), arts. 1(1), 3(4)(b)