Commentary

D1.232 Non-UK resident central banks: government securities

Corporate tax
Corporate tax | Commentary

D1.232 Non-UK resident central banks: government securities

Corporate tax | Commentary

D1.232 Non-UK resident central banks: government securities

Income from securities payable out of the public revenue of the UK which is income of a bank (or issue department of a bank) specified by Order in Council is exempt from tax1. A bank may be so specified if:

  1.  

    (a)     a draft of the Order had been approved by a resolution of the House of Commons;

  2.  

    (b)     the bank was not resident in the UK; and

  3.  

    (c)     it was entrusted by the government of a territory outside the UK with the custody of the principal foreign exchange

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