Commentary

I9.321 Exempt government securities—introduction

IHT, trusts and estates

I9.321 Exempt government securities—introduction

Exempt government securities

I9.321 Exempt government securities—introduction

The Treasury is empowered to issue securities with a condition that neither the capital nor the interest thereof should be liable to any taxation, so long as the securities are in the beneficial ownership of persons who are neither domiciled nor resident in the UK1. There is power to issue securities with this condition modified either regarding the extent of the exemption or the cases in which it is to operate2. Since April 1996 this may include a modification by virtue of which tax exemption applies to capital irrespective of the beneficial

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