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Finance Act 2003

National Development Finance Agency.

43.—(1) The Principal Act is amended—

(a) in section 38 by substituting the following for subsection (1):

“(1) This section applies to any securities which are issued by a body corporate and in respect of which the payment of interest and the repayment of principal are guaranteed by a Minister of the Government under statutory authority; but does not apply to securities—

(a) specified in the Table to section 37, or

(b) issued by a company formed by the National Development Finance Agency in accordance with section 5 of the National Development Finance Agency Act 2002 .”,

(b) by inserting the following after section 230A:

“National Development Finance Agency.

230AB.—(1) Notwithstanding any provision of the Corporation Tax Acts, profits arising to the National Development Finance Agency in any accounting period shall be exempt from corporation tax.

(2) Notwithstanding any provision of the Tax Acts, any interest, annuity or other annual payment paid by the National Development Finance Agency shall be paid without deduction of income tax.”,

(c) by inserting in subsection (1) of section 256 the following after subparagraph (iiib) of paragraph (a) of the definition of “relevant deposit”:

“(iiic) the National Development Finance Agency,”,

and

(d) by inserting the following after paragraph (f) of subsection (1) of section 607—

“(fa) securities issued by the National Development Finance Agency under section 6 of the National Development Finance Agency Act 2002 ,”.

(2) This section applies on and from 6 February 2003.