Section 868 | Investments held outside the United Kingdom

(1)An investment with a deposit-taker is not a relevant investment if—

(a)the deposit-taker is UK resident for income tax purposes or corporation tax purposes, and

(b)the investment is held at a branch of the deposit-taker situated outside the United Kingdom.

(2)An investment with a deposit-taker is not a relevant investment if—

(a)the deposit-taker is non-UK resident for income tax purposes or corporation tax purposes, and

(b)the investment is not held at a branch of the deposit-taker situated in the United Kingdom.

(3)Repealed

(4)For the purposes of this section an investment is held at a branch of a deposit-taker ... if the investment is recorded in its books as a liability of that branch.