# Income Tax (Trading and Other Income) Act 2005, Section 716: Restriction on deductions etc. relating to FOTRA securities


(1) A person who meets conditions A and B may not bring into account for income tax purposes—
(a) any amount relating to changes in the value of a FOTRA security, or
(b) expenses related to holding it or to any transaction concerning it.
(2) Condition A is that the person is the beneficial owner of the security.
(3) Condition B is that the person is a person who would be exempt from tax on the security under this Chapter.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/716 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-716
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.