714Exemption of profits from FOTRA securitiesU.K.
(1)No liability to income tax arises in respect of profits from a FOTRA security if conditions A and B are met.
(2)Subsection (1) is subject to subsection (5).
(3)Condition A is that the profits are stated in the exemption condition to be exempt from income tax.
(4)Condition B is that any requirements for obtaining the exemption imposed by the security's conditions of issue are met.
(5)Whatever the exemption condition provides, amounts charged under the provisions specified in subsection (6) are not exempted by subsection (1).
(6)The provisions are—
Chapter 5 of Part 5 (settlements: amounts treated as income of settlor) so far as it applies to income within section 619(1)(a) or (b), and
[F1Chapter 2 of Part 13 of ITA 2007](anti-avoidance provisions: transfer of assets abroad).
(7)This section does not affect the need to claim repayment of tax within the time limit applicable for a claim.
Textual Amendments
F1Words in s. 714(6) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 572 (with transitional provisions and savings in Sch. 2)