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Version date: 1 January 2022 - onwards
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38. Certain State-guaranteed securities.

(1) This section applies to any securities which are issued by a body corporate and in respect of which the payment of interest and the repayment of principal are guaranteed by a Minister of the Government under statutory authority; but does not apply to securities specified in the Table to section 37.

(2) Any securities to which this section applies shall be deemed to be securities issued under the authority of the Minister for Finance under section 36, and that section shall apply accordingly.

(3) Notwithstanding anything in the Tax Acts, other than Part 35D, in computing for the purposes of assessment under Case I of Schedule D the amount of the profits or gains of a body corporate by which the securities to which this section applies are issued, for any period for which accounts are made up, the amount of the interest on such securities which, by direction of the Minister for Finance under section 36, as applied by this section, is paid by the body corporate without deduction of ta

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