Section 716 | Restriction on deductions etc. relating to FOTRA securities

(1)A person who meets conditions A and B may not bring into account for income tax purposes—

(a)any amount relating to changes in the value of a FOTRA security, or

(b)expenses related to holding it or to any transaction concerning it.

(2)Condition A is that the person is the beneficial owner of the security.

(3)Condition B is that the person is a person who would be exempt from tax on the security under this Chapter.