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(1)A payment to which this section applies shall be treated for the purposes of—
(a)section 338 of the Taxes Act 1988 (payment of interest within section 124 of that Act to be a charge on income), and
(b)section 349 of that Act (such a payment to be made gross),
as if it were a payment of interest within section 124 of that Act (quoted Eurobonds).
(2)This section applies to a payment of interest if—
(a)it is made on or after 1st April 1989 by a relevant United Kingdom company to a relevant Netherlands Antilles subsidiary, and
(b)not later than 90 days after the payment is received by the subsidiary, it is applied by the subsidiary in paying interest on quoted Eurobonds issued by it before 26th July 1984 or in meeting expenses incurred in connection with the issue of quoted Eurobonds so issued.
(3)In subsection (2) above—
(a)“relevant Netherlands Antilles subsidiary” means a company which—
(i)at the time when the quoted Eurobonds were issued was resident in the Netherlands Antilles (including Aruba) and was a 90 per cent. subsidiary of a company resident in the United Kingdom, and
(ii)at the time when the payment is made is resident in the Netherlands Antilles (but not Aruba) and is a 90 per cent. subsidiary of the relevant United Kingdom company; and
(b)“relevant United Kingdom company” means a company which is resident in the United Kingdom and which is not a 51 per cent. subsidiary of a company not resident in the United Kingdom.
(4)For the purpose of determining whether a company is a relevant Netherlands Antilles subsidiary, its residence (whether before 1st April 1989 or at any later time) shall be ascertained in accordance with the terms of the arrangements made with the Government of the Kingdom of the Netherlands on behalf of the Government of the Netherlands Antilles which had effect by virtue of section 788 of the Taxes Act 1988 immediately before 1st April 1989.
(5)In this section “quoted Eurobond” has the same meaning as in section 124 of the Taxes Act 1988.
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