PART IIIF18GOVERNMENT SECURITIES
General
44 Income tax: mode of charge.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45 Interpretation of Part III.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government securities: exemptions from tax
46 Savings certificates and tax reserve certificates. C1
1
2
3
M3Subsection (1) above does not apply to any savings certificates which are purchased by or on behalf of a person in excess of the amount which a person is for the time being authorised to purchase under regulations made by the Treasury or, as respects Ulster Savings Certificates, by the Department of Finance and Personnel.
4
Subsection (1) above does not apply to Ulster Savings Certificates unless—
a
the holder is resident and ordinarily resident in Northern Ireland when the certificates are repaid; or
b
the certificates were purchased by F21the holder and the holder was so resident and ordinarily resident when they were purchased.
5
A claim under this section in respect of Ulster Savings Certificates shall be made to the Board.
6
In this section “sa00vings certificates” means savings certificates issued under section 12 of the M4National Loans Act 1968 or section 7 of the M5National Debt Act 1958 or Section 59 of the M6Finance Act 1920 and any war savings certificates as defined in section 9(3) of the M7National Debt Act 1972, together with any savings certificates issued under any corresponding enactment forming part of the law of Northern Ireland.
F227
In this section “Ulster Savings Certificates” means savings certificates issued or treated as issued under section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950.
47 United Kingdom government securities held by non-residents.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48 Securities of foreign states.
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49 Stock and dividends in name of Treasury etc.
F51
No tax shall be chargeable in respect of the stock or dividends—
a
transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners, or
b
transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock,
but the Bank of England and the Registrar of Government Stock shall each transmit to the Board an account of the total amount thereof in those books or registers as the case may be.
2
No tax shall be chargeable in respect of the stock or dividends belonging to the Crown, in whatever name they may stand in the books of the Bank of England F6or in the registers kept by the Registrar of Government Stock.
F73
In this section “dividends” means any interest, public annuities, dividends or shares of annuities.
F84
In this section “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004).
Government securities: interest payable without deduction of tax
50United Kingdom securities: Treasury directions for payment without deduction of tax.
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51 Treasury directions as respects Northern Ireland securities.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51AAF15 Commencement of direction under section 50 or 51.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51AF16 Gilt-edged securities held under authorised arrangements.
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51BF17 Periodic accounting for tax on interest on gilt-edged securities.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52 Taxation of interest on converted government securities and interest which becomes subject to deduction.
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. 3 heading substituted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996, s. 79, Sch. 7 para. 6 (with Sch. 7 paras. 33-35)