Tax reserve certificates
86.Paragraph 53(1)(a) repeals section 750 of ITTOIA. That section provides that no liability to income tax arises in respect of interest from tax reserve certificates issued by the Treasury.
87.Paragraph 53(1)(b) repeals section 1283 of CTA 2009. That section provides that no liability to corporation tax arises in respect of interest from tax reserve certificates issued by the Treasury.
88.Paragraph 53(2) makes a consequential amendment to section 369 of ITTOIA.
89.Paragraph 53(3) provides that the repeal made by sub-paragraphs (1)(a) and (2) will have effect in relation to any tax reserve certificates redeemed on or after 6 April 2013. Taxpayers who redeem tax reserve certificates before this date will continue to get relief for income tax.
90.Paragraph 53(4) provides that the repeal made in sub-paragraph (1)(b) will have effect in relation to tax reserve certificates redeemed on or after 1 April 2013. Taxpayers who redeem tax reserve certificates before this date will continue to get relief for corporation tax.
