- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/12/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 19/12/2012.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Other investments which are not relevant investments.
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(1)An investment is not a relevant investment if it is a general client account deposit.
(2)An investment is a general client account deposit for the purposes of this section if—
(a)it is a deposit held by a deposit-taker or building society in a client account, and
(b)provision made under any enactment requires the person whose account it is to make payments representing interest to some or all of the clients for whom, or on whose account, that person received the sums deposited in the account.
(3)But an investment is not a general client account deposit if the account in which it is held is identified by the deposit-taker or building society as one in which sums are held only for one or more particular clients of the person whose account it is.
An investment is not a relevant investment if it is a deposit in respect of which a deposit-taker or building society has issued a qualifying uncertificated eligible debt security unit (see section 986).
An investment is not a relevant investment if it is a deposit in respect of which a deposit-taker or building society has issued a qualifying certificate of deposit (see section 985).
(1)An investment is not a relevant investment if it is a qualifying time deposit [F1made before 6 April 2012].
(2)An investment is a qualifying time deposit for the purposes of this section if—
(a)it is a deposit consisting of a loan of at least £50,000,
(b)the terms of the deposit require its repayment at a specified time within 5 years beginning with the date on which it is made,
(c)those terms do not make provision for the transfer of the right to repayment, and
(d)those terms prevent partial withdrawals of, or additions to, the deposit.
(3)If a deposit is denominated in a foreign currency, subsection (2)(a) has effect as if it referred to an amount which is at least the equivalent in that currency of £50,000 at the time the deposit is made.
Textual Amendments
F1Words in s. 866(1) inserted (6.4.2012) (retrospective and with effect in accordance with s. 18(2) of the amending Act) by Finance Act 2012 (c. 14), s. 18(1)
(1)An investment is not a relevant investment if it forms part of a premium trust fund of an underwriting or former underwriting member of Lloyd's.
(2)In this section “ ” has the meaning given in section 184 of FA 1993.
(1)An investment with a deposit-taker is not a relevant investment if—
(a)the deposit-taker is UK resident for income tax purposes or corporation tax purposes, and
(b)the investment is held at a branch of the deposit-taker situated outside the United Kingdom.
(2)An investment with a deposit-taker is not a relevant investment if—
(a)the deposit-taker is non-UK resident for income tax purposes or corporation tax purposes, and
(b)the investment is not held at a branch of the deposit-taker situated in the United Kingdom.
(3)An investment with a building society is not a relevant investment if it is held at a branch of the building society situated outside the United Kingdom.
(4)For the purposes of this section an investment is held at a branch of a deposit-taker or building society if the investment is recorded in its books as a liability of that branch.
(1)An investment is not a relevant investment if it is a loan which is treated as made to a building society by virtue of section 607 (treatment of price differences under repos).
(2)An investment is not a relevant investment if it is an amount of cash which is—
(a)received by a building society in connection with a repo in circumstances where section 607 applies, and
(b)required as a result of a variation in the value of the securities in respect of which the repo is made as security for performance by the parties to the repo of their obligations under it.
(3)In this section “repo” has the same meaning as in Part 11 (see section 569).
(1)An investment with a deposit-taker is not a relevant investment if—
(a)it is a loan made by a deposit-taker in the ordinary course of its business or activities,
(b)it is a debt on a security which is listed on a recognised stock exchange, or
(c)it is a debt on a debenture issued by the deposit-taker (see section 1022).
(2)An investment with a building society is not a relevant investment if—
(a)it is a loan made by a bank (as defined in section 991), or
(b)it is a security (including a share) issued by a building society which is listed, or capable of being listed, on a recognised stock exchange.
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