SCHEDULES

SCHEDULE 46Ordinary residence

PART 2Income tax: arising basis of taxation

ITTOIA 2005

52

(1)

Section 715 (interest from FOTRA securities held on trust) is amended as follows.

(2)

In subsection (1)(b), for “person not ordinarily UK resident” substitute “ non-UK resident person ”.

(3)

In subsection (2)—

(a)

for “person not ordinarily UK resident” substitute “ non-UK resident person ”, and

(b)

for “is ordinarily UK resident at the time when” substitute “ is UK resident for the tax year in which ”.

(4)

In relation to a FOTRA security issued before 6 April 2013, the amendments made by this paragraph apply only if the security was acquired by the trust on or after that date.