IHTM27241 - Foreign property: specific British Government Securities: introduction
‘Government securities’ is a term we use to describe securities issued by the Treasury. These are also known as ‘gilts’. The Treasury can issue securities with the condition that they are exempt from UK taxation so long as they are in the beneficial ownership of persons who are not resident in the UK. Securities issued with this condition are known as FOTRA (free of tax to residents abroad) gilts. Some older securities had conditions relating to domicile and ordinary residence.
You can find more guidance on FOTRA gilts at IHTM04291 onwards.