Part 19General exemptions

Income from savings certificates

1281Income from savings certificates

1

No liability to corporation tax arises in respect of income from authorised savings certificates.

2

A savings certificate is authorised so far as its acquisition was not prohibited by regulations made by the Treasury limiting a person's holding.

3

In this section “savings certificates” means—

a

savings certificates issued under—

i

section 12 of the National Loans Act 1968 (c. 13) (power of Treasury to borrow),

ii

section 7 of the National Debt Act 1958 (c. 6) (power of Treasury to issue national savings certificates), or

iii

section 59 of FA 1920 (power to borrow on national savings certificates),

b

war savings certificates, as defined in section 9(3) of the National Debt Act 1972 (c. 65), or

c

savings certificates issued under any enactment forming part of the law of Northern Ireland and corresponding to section 12 of the National Loans Act 1968.

4

But subsection (3)(c) does not include Ulster Savings Certificates (for which there are special rules in section 1282).