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(1)     Chapter 3 of Part 12 of the Taxes Act 1988 (unit trust schemes) is amended as follows.

(2)     In section 468L(4) (obligation to deduct tax from interest distributions to be subject to provision made by sections 468M and 468N), for “sections 468M and 468N” substitute “section 468M”.

(3)     For sections 468M and 468N substitute—

“468��

Cases where no obligation to deduct tax

(1)     Where an interest distribution is made for a distribution period to a unit holder, any obligation to deduct under section 349(2) does not apply to the interest distribution if—

(2)     Section 468O makes provision about the circumstances in which the residence condition or the reputable intermediary condition is fulfilled with respect to a unit holder.”.

(4)     Section 468O (residence condition) is amended as follows.

(5)     In subsection (1), for “sections 468M and 468N” substitute “section 468M”.

(6)     After that subsection insert—

“(1A)     For the purposes of section 468M,