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

Income from Ulster Savings Certificates

Section 693 provides an income tax exemption for income arising from authorised Ulster Savings Certificates, subject to residence conditions and holding limits.

• Income from authorised Ulster Savings Certificates is exempt from income tax if the holder meets one of three residence conditions relating to Northern Ireland
• The exemption applies where the holder was resident and ordinarily resident in Northern Ireland at the time of purchase, at the time of repayment, or at purchase if repayment occurs after the holder's death
• A certificate is only "authorised" to the extent that its acquisition did not breach Department of Finance and Personnel regulations limiting the amount a person may hold
• The exemption is not automatic and must be claimed by the holder or their personal representatives