Section 835L | The independent broker conditions ^F1

(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.

(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.

(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 (apart from this subsection) to be treated under this Chapter, or under Chapter 1 of Part 7A of TCGA 1992, as a UK representative of the non-UK resident in relation to any amounts that—

(a)are not included in transaction income in relation to the transaction (see section 835H(2) and (3)), and

(b)are chargeable to tax for the same tax year as that transaction income.