(1) This section applies to a relevant payment of interest paid by a company to -
(a) an associated entity that is resident in a specified territory and is not resident in another territory that is not a specified territory, or
(b) a permanent establishment of an associated entity which is situated in a specified territory,
to the extent that the relevant payment of interest is not an excluded payment.
(2) Sections 64(2), 198(1)(c), 246(3), 246A(3)(a)(A) and 246A(3)(b)(A) shall not apply to a relevant payment of interest to which this section applies.
(3) Subsection (2) of section 246 shall apply to a relevant payment of interest to which this section applies as if a reference to a payment of yearly interest in that subsection were a reference to a relevant payment of interest to which this section applies.
(4) Where this section applies to a relevant payment of interest on a security referred to in section 37(2), section 36(2) shall apply as if ‘shall be paid without the deduction o
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