Section 1279 — Corporation Tax Act 2009: Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)

Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”) 1279 1 No liability to corporation tax arises in respect of profits from a FOTRA security or a loan relationship represented by such a security if conditions A and B are met.

2 Subsection (1) is subject to subsection (5).

3 Condition A is that the profits are stated in the exemption condition to be exempt from corporation tax.

4 Condition B is that any requirements for obtaining the exemption imposed by the security's conditions of issue are met.

5 This section does not affect the need to claim repayment of tax within the time limit applicable for a claim.

6 Section 1280 applies for the interpretation of this section.