Part 19General exemptions
Income from savings certificates
1281Income from savings certificates
1
No liability to corporation tax arises in respect of income from authorised savings certificates.
2
A savings certificate is authorised so far as its acquisition was not prohibited by regulations made by the Treasury limiting a person’s holding.
3
In this section “savings certificates” means—
a
savings certificates issued under—
i
section 12 of the National Loans Act 1968 (c. 13) (power of Treasury to borrow),
ii
section 7 of the National Debt Act 1958 (c. 6) (power of Treasury to issue national savings certificates), or
iii
section 59 of FA 1920 (power to borrow on national savings certificates),
b
war savings certificates, as defined in section 9(3) of the National Debt Act 1972 (c. 65), or
c
savings certificates issued under any enactment forming part of the law of Northern Ireland and corresponding to section 12 of the National Loans Act 1968.
4
But subsection (3)(c) does not include Ulster Savings Certificates (for which there are special rules in section 1282).
1282Income from Ulster Savings Certificates
1
No liability to corporation tax arises in respect of income from authorised Ulster Savings Certificates if condition A or B is met.
2
Condition A is that —
a
the holder purchased them, and
b
at the time of the purchase the holder was resident in Northern Ireland.
3
Condition B is that the holder is so resident when they are repaid.
4
An Ulster Savings Certificate is authorised so far as its acquisition was not prohibited by regulations made by the Department of Finance and Personnel limiting a person’s holding.
5
The exemption under this section requires a claim.
6
In this Part “Ulster Savings Certificates” means savings certificates issued or treated as issued under section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950 (c. 3 (N.I.)).