The Income Tax (Interest on Quoted Eurobonds) Regulations 1996
Subsection (1)(b) of section 124 of the Income and Corporation Taxes Act 1988 (“section 124”) provides that section 349(2) of that Act (deduction of tax on making a payment of any yearly interest of money chargeable to tax under Case III of Schedule D) shall not apply to a payment of interest on any quoted Eurobond made by or through a person who is in the United Kingdom if either of the conditions mentioned in subsection (2) of section 124 (“the relevant conditions”) is satisfied.