(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.