(1) In this Chapter "beneficial owner", in relation to an interest payment, means an individual who receives the interest payment or an individual for whom the interest payment is secured, but does not include an individual to whom subsection (2) applies.
(2) This subsection applies to an individual (in this section referred to as the ‘intermediary’) who provides evidence to the person making an interest payment to, or securing an interest payment for, the intermediary that, in relation to the interest payment, the intermediary -
(a) is a paying agent,
(b) acts on behalf of a person (not being an individual) or an undertaking referred to in section 898D(2),
(c) acts on behalf of a residual entity, where both of the conditions set out in subsection (3) are met, or
(d) acts on behalf of another individual (in this section referred to as the ‘other individual’) who receives the interest payment or for whom the interest payment is secured where the condition set out in subsec
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