Commentary on Sections Relevance of “earned income” Overview Section 840: Government securities held by non-UK resident central banks
2533.This section exempts from income tax certain income arising in the United Kingdom to overseas central banks. It is based on section 516 of ICTA.
2534.The scope of the exemption is specified in an order made by Her Majesty in Council. It does not extend to income arising in the normal course of a bank’s trading operations in the United Kingdom.