Explanatory note

This Order provides for the limited exemptions from income tax, capital transfer tax, capital gains tax and stamp duty contained in section 126 of the Finance Act 1984, to be given in respect of securities issued by the African Development Bank, an international organisation of which the United Kingdom is a member. These exemptions are conferred in accordance with Article 57(3)(ii) of the Agreement establishing the African Development Bank (Cmnd 8284). The Agreement was made on 4 August 1963, was amended to admit non-regional countries, including the United Kingdom, as members of the Bank (Cmnd 8284) and entered into force for the United Kingdom on 29 April 1983.