FINANCE ACT 1916 - SECT 63 Exemption from taxation of municipal securities issued in America.

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FINANCE ACT 1916 - SECT 63

Exemption from taxation of municipal securities issued in America.

63. Any securities issued in the United States of America by a municipal
corporation, county council, or other local authority in the United Kingdom
for the purpose of raising any money which they are authorised to borrow, if
issued under the authority of the Treasury, shall not be liable to any
taxation present or future, except where they are held by persons domiciled in
the United Kingdom or by British subjects ordinarily resident in the United
Kingdom.

The expression "local authority" in this section includes the Metropolitan
Water Board and any other public body which is recognised as a local authority
for the purposes of this section by the Local Government Board.

S.64 rep. by 1918 c.40 s.238 sch.7[

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Northern Irish Legislation

FINANCE ACT 1916 - SECT 63