1279Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)U.K.
This section has no associated Explanatory Notes
(1)No liability to corporation tax arises in respect of profits from a FOTRA security or a loan relationship represented by such a security if conditions A and B are met.
(2)Subsection (1) is subject to subsection (5).
(3)Condition A is that the profits are stated in the exemption condition to be exempt from corporation tax.
(4)Condition B is that any requirements for obtaining the exemption imposed by the security's conditions of issue are met.
(5)This section does not affect the need to claim repayment of tax within the time limit applicable for a claim.
(6)Section 1280 applies for the interpretation of this section.