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Income and Corporation Taxes Act 1988
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Changes over time for: Section 516
Version Superseded: 06/04/2007
Alternative versions:
- 01/02/1991- Amendment
- 29/04/1996- Amendment
- 31/07/1998
Point in time - 06/04/2007- Amendment
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Point in time view as at 31/07/1998. This version of this provision has been superseded.
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Income and Corporation Taxes Act 1988, Section 516 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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516 Government securities held by non-resident central banks.U.K.
(1)M1Tax shall not be chargeable on [F1income from securities which is payable out of the public revenue of the United Kingdom and which is] income of any bank or issue department of a bank to which this subsection for the time being applies.
(2)Subsection (1) above shall not prevent any [F2such income] being taken into account in computing profits or gains or losses of a business carried on in the United Kingdom.
(3)A bank or issue department of a bank to which this subsection for the time being applies shall be exempt from tax in respect of chargeable gains accruing to it.
(4)Her Majesty may by Order in Council direct that subsection (1) or (3), or both, shall apply to any bank, or to its issue department, if it appears to Her Majesty that the bank is not resident in the United Kingdom and is entrusted by the government of a territory outside the United Kingdom with the custody of the principal foreign exchange reserves of that territory.
(5)No recommendation shall be made to Her Majesty in Council to make an order under this section unless a draft of the order has been laid before the House of Commons and has been approved by resolution of that House.
Textual Amendments
F1Words in s. 516(1) substituted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996 (c. 8), Sch. 7 para. 21(1)
F2Words in s. 516(2) substituted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996 (c. 8), Sch. 7 para. 21(2)
Modifications etc. (not altering text)
C1 For Orders in Council see Part III Vol.5.
Marginal Citations
M1Source—1970 s.370
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