Income Tax (Trading and Other Income) Act 2005 section 693

Ulster savings certificates

Section 693 and Schedule 2 paragraph 138 deal with the tax exemption for income from Ulster savings certificates and specify which government body's terms apply depending on when the certificates were acquired.

• Income from Ulster savings certificates is exempt from income tax, provided the certificates comply with terms set by the relevant authority.
• For certificates acquired on or after 27th July 1981, the relevant authority whose terms must be met is the Department of Finance and Personnel in Northern Ireland.
• For certificates acquired before 27th July 1981, the relevant authority is the Treasury rather than the Department of Finance and Personnel.
• This distinction reflects the transfer of responsibility for Ulster savings certificates from the Treasury to the Northern Ireland department on that date.