I12.906 Exempt gilts

I12.906 Exempt gilts

Certain UK government securities are 'excluded property' if beneficially owned by persons domiciled and ordinarily resident outside the UK, or if held in a trust of which the relevant beneficiaries are domiciled and ordinarily resident abroad. They can be useful:


    (a)     as a means of enabling individuals or trustees (where the relevant conditions are met) to invest in the UK gilt market;


    (b)     as a means of avoiding the effect of the deemed domicile rules, which do not apply for this purpose; and


    (c)     where the beneficiaries of a settlement are domiciled and ordinarily

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