Section 1282 — Corporation Tax Act 2009: Income from Ulster Savings Certificates

Income from Ulster Savings Certificates 1282 1 No liability to corporation tax arises in respect of income from authorised Ulster Savings Certificates if condition A or B is met.

2 Condition A is that —

a the holder purchased them, and b at the time of the purchase the holder was resident in Northern Ireland.

3 Condition B is that the holder is so resident when they are repaid.

4 An Ulster Savings Certificate is authorised so far as its acquisition was not prohibited by regulations made by the Department of Finance and Personnel limiting a person's holding.

5 The exemption under this section requires a claim.

6 In this Part “ Ulster Savings Certificates ” means savings certificates issued or treated as issued under section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950 (c. 3 (N.I.)).