Income and Corporation Taxes Act 1988

46 Savings certificates and tax reserve certificates

(1) Subject to subsections (3) to (6) below, income arising from savings certificates shall not be liable to tax.

(2) Tax shall not be chargeable in respect of the interest on tax reserve certificates issued by the Treasury.

(3) Subsection (1) above does not apply to any savings certificates which are purchased by or on behalf of a person in excess of the amount which a person is for the time being authorised to purchase under regulations made by the Treasury or, as respects Ulster Savings Certificates, by the Department of Finance and Personnel.

(4) Subsection (1) above does not apply to Ulster Savings Certificates unless—

(a) the holder is resident and ordinarily resident in Northern Ireland when the certificates are repaid; or

(b) the certificates were purchased by him and he was so resident and ordinarily resident when they were purchased.

(5) A claim under this section in respect of Ulster Savings Certificates shall be made to the Board.

(6) In this section “savings certificates” means savings certificates issued under section 12 of the [1968 c. 13.] National Loans Act 1968 or section 7 of the [1958 c. 6.] National Debt Act 1958 or section 59 of the [1920 c. 18.] Finance Act 1920 and any war savings certificates as defined in section 9(3) of the [1972 c. 65.] National Debt Act 1972, together with any savings certificates issued under any corresponding enactment forming part of the law of Northern Ireland.