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HMRC internal manual

International Manual

DT applications and claims: FOTRA securities

What are FOTRA securities and how to identify them

What are FOTRA securities

FOTRA securities are United Kingdom government securities that are free of tax to residents abroad. The term FOTRA stands for Free Of Tax to Residents Abroad.

FOTRA securities are sometimes called gilts or gilt edged securities. Some people still refer to them as ‘section 47’ securities, a reference to ICTA88/S47, even though that section of legislation was repealed with effect from 6 April 1996.

How to identify FOTRA securities

You can easily identify FOTRA securities from the name of the security. A security is a FOTRA security if

  • the interest payment is made by the Bank of England on or after 6 April 1998 and
  • the name of the security includes one of the following terms


  • Conversion Stock
  • Exchequer Stock
  • Index-Linked Treasury Stock
  • Treasury Loan
  • Treasury Stock
  • War Loan

Products issued by National Savings and Investments, although backed by the Treasury, are not UK government securities and therefore are not FOTRA securities.

If you are in any doubt about whether a security is or was a FOTRA security, you should ask Technical Advice Group.