Commentary on Sections Overview Section 1279: Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)
3278.This section exempts FOTRA securities specified in section 1280(1) from corporation tax and sets out the two conditions that must be met if that exemption is to apply. It is based on section 154 of FA 1996. The corresponding rule for income tax is in section 714 of ITTOIA.