715(1)  This section applies if–

(a)a FOTRA security is held on trust, and

(b)apart from this section, interest payable on the security would not be exempt from income tax under section 714 because of the security not being in the beneficial ownership of a non-UK resident person.

715(2)  For the purposes of determining whether the interest is exempt under section 714 it is to be assumed that the security is in the beneficial ownership of a non-UK resident person if none of the beneficiaries of the trust is UK resident for the tax year in which the interest arises.

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