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(1)No liability to income tax arises in respect of a payment of interest or a payment of a royalty if, at the time the payment is made, conditions A to D are met.
(2)Condition A is that the person making the payment is—
(a)a UK company, but not such a company's permanent establishment in a territory other than the United Kingdom, or
(b)a UK permanent establishment of an EU company.
See section 759 as to when a permanent establishment is to be treated as the person making the payment.
(3)Condition B is that the person beneficially entitled to the income in respect of which the payment is made is an EU company, but not such a company's UK permanent establishment or non-EU permanent establishment.
See section 760 as to when a permanent establishment is to be treated as the person beneficially entitled to the income in respect of which the payment is made.
(4)Condition C is that the company in condition A and the company in condition B are 25% associates (see section 761).
(5)Condition D is that, if the payment is a payment of interest, the Board of Inland Revenue has issued an exemption notice in accordance with regulations under section 762.
(6)This section is subject to—
sections 763 and 764 (special relationships), and
section 765 (anti-avoidance).
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