Part 19

General exemptions

Profits from FOTRA securities

Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)
1279
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.