Related Commentary  

714(1)  No liability to income tax arises in respect of profits from a FOTRA security if conditions A and B are met.

714(2)  Subsection (1) is subject to subsection (5).

714(3)  Condition A is that the profits are stated in the exemption condition to be exempt from income tax.

714(4)  Condition B is that any requirements for obtaining the exemption imposed by the security's conditions of issue are met.

714(5)  Whatever the exemption condition provides, amounts charged under the provisions specified in subsection (6) are not exempted by subsection (1).

714(6)  The provisions are–

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