Section 817 | The independent broker conditions

(1)The independent broker conditions are met in relation to a transaction carried out on behalf of a non-UK resident by a broker in the United Kingdom if conditions A to D are met.^F1

(2)Condition A is that at the time of the transaction the broker is carrying on the business of a broker.

(3)Condition B is that the transaction is carried out ... in the ordinary course of that business.^F2

(4)Condition C is that the remuneration which the broker receives in respect of the transaction for the provision of the services of a broker to the non-UK resident is not less than is customary for that class of business.

(5)Condition D is that the broker does not fall for the purposes of Chapter 2B of this Part, or of Chapter 1 of Part 7A of TCGA 1992, to be treated as a UK representative of the non-UK resident in relation to any other income which is chargeable to income tax, or amounts which are chargeable to capital gains tax, for the same tax year as the transaction income.^F3

(6)Repealed^F4