f2a31/s22.- Finance (No. 2) Act 1931 Section 22 Provisions in cases where Treasury has power to borrow money.

22. - (1) Any securities issued by the Treasury under any Act may be issued with the condition that -

(a) so long as the securities are in the beneficial ownership of persons who are not ordinarily resident in the United Kingdom, the interest thereon shall be exempt from income tax; and

(b) so long as the securities are in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the United Kingdom, neither the capital thereof nor the interest thereon shall be liable to any taxation present or future ^{1 2} .

1 See 1940 s.60(1), as to extension of powers under this section

2 See IHTA 1984 s.6(2), for the implementation of the exemption from inheritance tax.