# Finance Act 2025, Paragraph 24: FOTRA securities

Extent: E+W+S+N.I.

(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.

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Source: https://www.legislation.gov.uk/ukpga/2025/8/schedule/9/paragraph/24 (the official version)
Page: https://openlegislation.uk/finance-act-2025/schedule-9/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.