Part 19

General exemptions

Profits from FOTRA securities

Section 1279: supplementary provision
1280
1
In this section and section 1279 “FOTRA security” means—
a
a security issued with a condition about exemption from taxation authorised by section 22 of F(No.2)A 1931,
b
a gilt-edged security which was issued before 6th April 1998 and without any such condition (other than 3½% War Loan 1952 Or After), or
c
3½% War Loan 1952 Or After.
2
In section 1279 “the exemption condition” has the meaning given by subsections (3) to (5), according to the kind of FOTRA security involved.
3
In relation to a security within subsection (1)(a), it means the condition authorised by section 22 of F(No.2)A 1931.
4
In relation to a security within subsection (1)(b), it means a condition with which 7.25% Treasury Stock 2007 was first issued, being a condition treated by section 161(1) of FA 1998 (non-FOTRA securities)—
a
as a condition with which the security within subsection (1)(b) was issued, and
b
as a condition authorised in relation to its issue by section 22 of F(No.2)A 1931.
5
In relation to 3½% War Loan 1952 Or After, it means a condition of its issue authorised by section 47 of F(No.2)A 1915.
6
In this section “gilt-edged security” means a security which—
a
is a gilt-edged security for the purposes of TCGA 1992 (see Schedule 9 to that Act), or
b
will be such a security on the making of an order under paragraph 1 of Schedule 9 to that Act if the making of the order is anticipated in the prospectus under which the security is issued.