Paragraph 24 FOTRA securities

United Kingdom

(1)

In section 22 of F(No.2)A 1931 (Treasury power to issue securities with a FOTRA condition), in subsection (1)(b) for “neither domiciled nor” substitute “not”.

(2)

In section 154 of FA 1996 (FOTRA securities), omit subsection (1).

(3)

Any security issued with a FOTRA domicile condition is treated in relation to times on or after 6 April 2025 as if—

(a)

it were a security issued with the post-1996 Act FOTRA conditions (and with no other FOTRA condition), and

(b)

the post-1996 Act FOTRA conditions had been authorised in relation to the issue of that security by virtue of section 22 of F(No.2)A 1931.

(4)

In sub-paragraph (3)—

“a FOTRA condition” means a condition about exemption from taxation authorised by section 22 of F(No.2)A 1931;
“a FOTRA domicile condition”, in relation to a security, means a FOTRA condition requiring the security to be in the beneficial ownership of persons who are not domiciled in the United Kingdom for an exemption from taxation to apply;
“the post-1996 Act FOTRA conditions” means the FOTRA conditions with which 7.25% Treasury Stock 2007 was first issued.