Section 774 | Income from securities issued by designated international organisations

(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.

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

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

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

(5)The Treasury may by order designate for the purposes of this section—

(a)any of the Communities European Union ,^F1

(b)the European Investment Bank,

(c)any international organisation that meets conditions A and B.

(6)Condition A is that one of its members is the United Kingdom or any of the Communities European Union .^F1

(7)Condition B is that the agreement under which that member became a member provides for the same kind of exemption from tax for income from securities issued by the organisation as this section provides.