Related Commentary  Related HMRC Manuals

755(1)  This section applies to interest on–

(a)such foreign currency securities issued by a local authority or a statutory corporation as the Treasury direct, and

(b)such foreign currency loans made to a statutory corporation as the Treasury direct.

755(2)  No liability to income tax arises in respect of interest to which this section applies if–

(a)in the case of interest on a security, its beneficial owner is a non-UK resident, and

(b)in the case of interest on a loan, the person for the time being entitled to repayment or eventual repayment is a non-UK resident.

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