Finance Act 1998
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
161 Non-FOTRA securities.
(1) Subject to the following provisions of this section, any gilt-edged security issued before 6th April 1998 without FOTRA conditions shall be treated in relation to times on or after that date as if— (a) it were a security issued with the post-1996 Act conditions; and (b) those conditions had been authorised in relation to the issue of that security by virtue of section 22 of the Finance (No. 2) Act 1931. (2) Where a gilt-edged security falls to be treated as mentioned in subsection (1) above that treatment shall have effect— (a) for the purposes of Chapter 2 of Part 12 of the Income Tax Act 2007 (accrued income profits) in relation only to accrued income profits which a person is treated as making under section 628(5) or 630(2) of that Act on or after 6th April 1998; (b) for the other purposes of the Tax Acts, in relation only to payments of interest falling due on or after that date; and (c) for the purposes of the Inheritance Tax Act 1984, in relation only to a determination of whether property is excluded property at a time falling on or after that date. (3) No charge to tax shall be treated as arising under section 65 of the Inheritance Tax Act 1984 (property becoming excluded property) by reason only of the coming into force of this section. (4) In this section “FOTRA conditions” means any such conditions about exemption from taxation as are authorised in relation to the issue of a gilt-edged security by virtue of section 22 of the Finance (No. 2) Act 1931. (5) In this section “the post-1996 Act conditions” means the FOTRA conditions with which 7.25% Treasury Stock 2007 was first issued by virtue of section 22 of the Finance (No. 2) Act 1931. (6) In this section “gilt-edged securities” means any securities which are gilt-edged securities for the purposes of the Taxation of Chargeable Gains Act 1992. (7) This section does not apply to any 3½% War Loan 1952 Or After which was issued with a condition authorised by virtue of section 47 of the Finance (No. 2) Act 1915.
161 Non-FOTRA securities.
(1) Subject to the following provisions of this section, any gilt-edged security issued before 6th April 1998 without FOTRA conditions shall be treated in relation to times on or after that date as if— (a) it were a security issued with the post-1996 Act conditions; and (b) those conditions had been authorised in relation to the issue of that security by virtue of section 22 of the Finance (No. 2) Act 1931. (2) Where a gilt-edged security falls to be treated as mentioned in subsection (1) above that treatment shall have effect— (a) for the purposes of Chapter 2 of Part 12 of the Income Tax Act 2007 (accrued income profits) in relation only to accrued income profits which a person is treated as making under section 628(5) or 630(2) of that Act on or after 6th April 1998; (b) for the other purposes of the Tax Acts, in relation only to payments of interest falling due on or after that date; and (c) for the purposes of the Inheritance Tax Act 1984, in relation only to a determination of whether property is excluded property at a time falling on or after that date. (3) No charge to tax shall be treated as arising under section 65 of the Inheritance Tax Act 1984 (property becoming excluded property) by reason only of the coming into force of this section. (4) In this section “FOTRA conditions” means any such conditions about exemption from taxation as are authorised in relation to the issue of a gilt-edged security by virtue of section 22 of the Finance (No. 2) Act 1931. (5) In this section “the post-1996 Act conditions” means the FOTRA conditions with which 7.25% Treasury Stock 2007 was first issued by virtue of section 22 of the Finance (No. 2) Act 1931. (6) In this section “gilt-edged securities” means any securities which are gilt-edged securities for the purposes of the Taxation of Chargeable Gains Act 1992. (7) This section does not apply to any 3½% War Loan 1952 Or After which was issued with a condition authorised by virtue of section 47 of the Finance (No. 2) Act 1915.
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