The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

Interest payments: meaning of deposit-taker

39.—(1) Amend section 481 (meaning of deposit-taker etc.) as follows.

(2) In subsection (2) for paragraph (b) substitute—

(b)any person falling within section 840A(1)(b) whose permission under Part 4 of the Financial Services and Markets Act 2000 includes permission to accept deposits which are relevant deposits;

(ba)any company within the meaning of the Companies Act 1985(1)

(i)in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979(2) or section 103(3) of the Banking Act 1987; and

(ii)which is exempt from the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 in relation to the acceptance of deposits which are relevant deposits;.

(3) Omit subsection (5)(g).

(2)

1979 c. 37; section 48(3) was repealed, together with other sections, by section 108(2) of, and Part 1 of Schedule 7 to, the Banking Act 1987 (c. 22).