Part 6Exempt income
Chapter 6Income from FOTRA securities
713Introduction: securities free of tax to residents abroad (“FOTRA securities”)
1
This Chapter provides for exemptions from income tax in respect of FOTRA securities.
2
In this Chapter “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.
3
In this Chapter “the exemption condition” has the meaning given by subsections (4) to (6), according to the kind of FOTRA security involved.
4
In relation to a security within subsection (2)(a), it means the condition authorised by section 22 of F(No.2)A 1931.
5
In relation to a security within subsection (2)(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 (2)(b) was issued, and
b
as a condition authorised in relation to its issue by section 22 of F(No.2)A 1931.
6
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.