Finance Act 1982

5(1)In section 6 (interest on investment deposits) at the end of subsection (1) there shall be added the words “ and different terms may be prescribed in relation to different descriptions of investment deposits ”.U.K.

(2)In subsection (2) of section 6, after the words “in relation to” there shall be inserted the words “ different descriptions of investment deposits and ”.

(3)After subsection (2) of section 6 there shall be inserted the following subsection:—

(2A)Without prejudice to the generality of subsection (2) above, the Treasury may determine, in relation to an account into which investment deposits of any description are made, different rates of interest by reference to any one or more of the following factors, namely,—

(a)the balance of that account at any time or over any period or the aggregate balance of the account and the depositor’s other accounts of the same description, or the depositor’s other investment accounts of any description, at any time or over any period; and

(b)the number of withdrawals from that account over any period or the number of withdrawals from that account and the depositor’s other accounts of the same description, or the depositor’s other investment accounts of any description, over any period.

(4)In subsection (3) of section 6 for the words following “investment deposits” there shall be substituted the words “ or investment deposits of a particular description; and any such alteration may affect deposits received at or before, as well as after the time the alteration is made ”.