Commentary

E1.542 Restriction of deductions relating to FOTRA securities

Personal and employment tax

E1.542 Restriction of deductions relating to FOTRA securities

E1.542 Restriction of deductions relating to FOTRA securities

A beneficial owner1 of a FOTRA security who would be exempt from tax2 on the security under the provisions outlined at E1.539–E1.541 is restricted from making certain deductions in respect of the FOTRA security. Such a person may not bring into account for income tax purposes any amount relating to changes in the value of the FOTRA security, or expenses related to holding it, or any transactions concerning it3.

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial