Section 693 | Income from Ulster Savings Certificates

(1)No liability to income tax arises in respect of income from authorised Ulster Savings Certificates if condition A, B or C is met.

(2)Condition A is that —

(a)the holder purchased them, and

(b)at the time of the purchase the holder was resident and ordinarily resident in Northern Ireland.

(3)Condition B is that the holder is so resident and ordinarily resident when they are repaid.

(4)Condition C is that—

(a)they are repaid after the holder's death, and

(b)at the time of the purchase the holder was so resident and ordinarily resident.

(5)An Ulster Savings Certificate is authorised so far as its acquisition was not prohibited by regulations made by the Department of Finance and Personnel limiting a person's holding.

(6)The exemption under this section requires a claim.

(7)In this Act “Ulster Savings Certificates” means savings certificates issued or treated as issued under section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950 (c. 3 (N.I.)).