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Changes over time for: Section 755


Timeline of Changes
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Version Superseded: 06/04/2007
Status:
Point in time view as at 07/04/2005. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 755.

Changes to Legislation
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755Interest on foreign currency securities etc. owned by non-UK residentsU.K.
This section has no associated Explanatory Notes
(1)This section applies to interest on—
(a)such foreign currency securities issued by a local authority or a statutory corporation as the Treasury direct, and
(b)such foreign currency loans made to a statutory corporation as the Treasury direct.
(2)No liability to income tax arises in respect of interest to which this section applies if—
(a)in the case of interest on a security, its beneficial owner is a non-UK resident, and
(b)in the case of interest on a loan, the person for the time being entitled to repayment or eventual repayment is a non-UK resident.
(3)But interest is not exempt under subsection (2) because a person is a non-UK resident if it is treated as another person's income under—
Chapter 5 of Part 5 (settlements: amounts treated as income of settlor), or
Chapter 3 of Part 17 of ICTA (anti-avoidance provisions: transfer of assets abroad).
(4)In this section—
“company” means a company, as defined in section 735(1)(a) of the Companies Act 1985 (c. 6) or Article 3(1)(a) of the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)),
“foreign currency”, in relation to loans and securities, has the meaning given by section 756, and
“statutory corporation” means—
(a)
a corporation incorporated by an Act (other than a company), or
(b)
any other corporation on which functions connected with carrying on an undertaking are conferred by an Act or by an order made under or confirmed by an Act.
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