§ (1) Section forty-seven of the Finance (No. 2) Act, 1915 (which confers power on the Treasury to issue securities free of taxation in certain cases), shall, so far as Income Tax (including Super-tax) is concerned, have effect as though the reference to persons not domiciled in the United Kingdom were omitted there from.
§ (2) Where securities issued under Section forty-seven of the Finance (No. 2) Act, 1915 (which gives power to the Treasury to issue securities free of taxation), for the time being form part of the investments of the foreign life assurance fund of an assurance company, the income arising from those securities if applied for the purposes of that fund or reinvested so as to form part of that fund, shall not be liable to Income Tax.
§ Amendments made:
§ At the end of the Clause, add the following new Sub-sections:
§ "(3) Where the Special Commissioners are satisfied that any income arising abroad from the investments of the foreign life assurance fund of an assurance company has been remitted to the United Kingdom and invested, as part of the investments of that fund, in any securities issued under Section forty-seven of the Finance (No. 2) Act, 1915, that income shall not be liable to Income Tax, and any Income Tax paid thereon shall if necessary be repaid to the company.
§ (4) In this Section the expressions 'assurance company' and ' foreign life assurance fund ' have the same meaning as in the Finance Act, 1915."—[Mr. McKenna.