Other tax rules on corporate finance: exemptions from loan relationships: savings certificates
Income from savings certificates and Ulster savings certificates
CTA09/S1205 exempts income from savings certificates where the holding is within certain specified limits set out in Treasury regulations. The savings certificates in question are
those issued under
- section 12 of the National Loans Act 1968
- section 7 of the National Debt Act 1958
- section 59 of FA 1920
- war savings certificates defined in the National Debt Act 1972
- those issued under the law of Northern Ireland (but excluding Ulster savings certificates).
The rule was previously at ICTA88/S46, and the corresponding income tax rule is at ITTOIA05/S692.
Ulster savings certificates
Ulster savings certificates have not been issued since March 1997. However, there are still holdings that have not been redeemed, and CTA09/S1206 provides that interest continuing to be paid in respect of these holdings is exempt from corporation tax