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Question - What are proposed in Finance Bill 2015 regarding the income of the Core SGF arising from contribution received and investment made by the fund ?
Exemption to income of Core Settlement Guarantee Fund (SGF) of the Clearing Corporations
28 Feb 2015 
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Exemption for Core Settlement Guarantee Fund income proposed, subject to conditions and deemed income on shared amounts.
Proposed amendment exempts income of the Core Settlement Guarantee Fund from tax where such income arises from contributions, investments by the fund, and penalties, subject to conditions similar to those for Investor Protection Funds. If amounts not previously charged to tax are later shared with a specified person, the entire shared amount is deemed income of the year it is shared. "Specified person" covers the clearing corporation maintaining the Core SGF and its shareholder recognized stock exchange. The amendment applies prospectively to the relevant assessment year. (AI Summary)
Proposed amendment exempts income of the Core Settlement Guarantee Fund from tax where such income arises from contributions, investments by the fund, and penalties, subject to conditions similar to those for Investor Protection Funds. If amounts not previously charged to tax are later shared with a specified person, the entire shared amount is deemed income of the year it is shared. "Specified person" covers the clearing corporation maintaining the Core SGF and its shareholder recognized stock exchange. The amendment applies prospectively to the relevant assessment year. (AI Summary)