Section 1280 — Corporation Tax Act 2009: Section 1279: supplementary provision

Section 1279: supplementary provision 1280 1 In this section and section 1279 “ FOTRA security ” means—

a a security issued with a condition about exemption from taxation authorised by section 22 of F(No.2)A 1931, b a gilt-edged security which was issued before 6th April 1998 and without any such condition (other than 3½% War Loan 1952 Or After), or c 3½% War Loan 1952 Or After.

2 In section 1279 “ the exemption condition ” has the meaning given by subsections (3) to (5), according to the kind of FOTRA security involved.

3 In relation to a security within subsection (1)(a), it means the condition authorised by section 22 of F(No.2)A 1931.

4 In relation to a security within subsection (1)(b), it means a condition with which 7.25% Treasury Stock 2007 was first issued, being a condition treated by section 161(1) of FA 1998 (non-FOTRA securities)—

a as a condition with which the security within subsection (1)(b) was issued, and b as a condition authorised in relation to its issue by section 22 of F(No.2)A 1931.

5 In relation to 3½% War Loan 1952 Or After, it means a condition of its issue authorised by section 47 of F(No.2)A 1915.

6 In this section “ gilt-edged security ” means a security which—

a is a gilt-edged security for the purposes of TCGA 1992 (see Schedule 9 to that Act), or b will be such a security on the making of an order under paragraph 1 of Schedule 9 to that Act if the making of the order is anticipated in the prospectus under which the security is issued.