Finance Act, 1924
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PART V. MISCELLANEOUS AND GENERAL. | ||
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Taxation on certain British government and municipal securities. |
37.—(1) Section 47 of the Finance (No. 2) Act, 1915 (which relates to the exemption of certain British government securities from taxation) shall not operate to exempt from any taxation to which but for that section as adapted it would be liable, the capital or interest of any of the securities therein referred to so long as they are in the beneficial ownership of persons who are either domiciled or ordinarily resident in Great Britain or Northern Ireland. | |
(2) Section 63 of the Finance Act, 1916 (which relates to the exemption of certain British municipal securities from taxation) shall not operate to exempt from any taxation to which but for that section as adapted it would be liable, the capital or interest of any of the securities therein referred to so long as they are in the beneficial ownership of persons who are either domiciled or, being British subjects, are ordinarily resident in Great Britain or Northern Ireland. | ||
(3) This section shall apply— | ||
(a) as regards death duties, in the case of property passing on the death of a person who dies on or after the 1st day of April, 1924; and | ||
(b) as regards income tax and super tax, to any financial year beginning on or after the 6th day of April, 1924. |