Section 1281 — Corporation Tax Act 2009: Income from savings certificates

Income from savings certificates 1281 1 No liability to corporation tax arises in respect of income from authorised savings certificates.

2 A savings certificate is authorised so far as its acquisition was not prohibited by regulations made by the Treasury limiting a person's holding.

3 In this section “ savings certificates ” means—

a savings certificates issued under—

i section 12 of the National Loans Act 1968 (c. 13) (power of Treasury to borrow),

ii section 7 of the National Debt Act 1958 (c. 6) (power of Treasury to issue national savings certificates), or iii section 59 of FA 1920 (power to borrow on national savings certificates),

b war savings certificates, as defined in section 9(3) of the National Debt Act 1972 (c. 65), or c savings certificates issued under any enactment forming part of the law of Northern Ireland and corresponding to section 12 of the National Loans Act 1968.

4 But subsection (3)(c) does not include Ulster Savings Certificates (for which there are special rules in section 1282).