Income Tax Act 2007 section 835I

Investment managers

Section 835I deals with the circumstances in which a UK-based investment manager acting for a non-UK resident is not treated as that person's UK representative, thereby limiting the non-UK resident's exposure to UK income tax on investment transaction income.

• The section applies where a non-UK resident carries on business (alone or in partnership) through an investment manager based in the United Kingdom.
• The investment manager is not treated as the non-UK resident's UK representative in respect of income from a transaction, provided the income is "transaction income" from an investment transaction carried out through that manager in the UK.
• For the exemption to apply, the "independent investment manager conditions" (set out in section 835M) must also be satisfied in relation to the investment transaction in question.
• The term "transaction income" has the same meaning as in Chapter 1 of Part 14, and the terms "investment manager" and "investment transaction" are defined in section 835S.