Taxes Consolidation Act 1997 Schedule 32 paragraph 1

Stock of Local Authorities

Schedule 32 paragraph 1 provides that local authority stock issued on or after 13 July 1955 is deemed to be stock issued by the Minister for Finance, and sets out conditions under which interest on such stock may be paid without deduction of tax.

• Stock issued by a local authority on or after 13 July 1955 under section 87 of the Local Government Act 1946 is deemed to be securities issued under the authority of the Minister for Finance.
• Such stock may be issued with a condition that interest is paid without deduction of tax.
• Capital and interest on the stock are exempt from tax where the beneficial owner is neither domiciled nor ordinarily resident in the State.
• Interest alone is exempt from tax where the beneficial owner is domiciled in the State but not ordinarily resident in the State.

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