Income and Corporation Taxes Act 1988

CHAPTER VIII U.K. MISCELLANEOUS AND SUPPLEMENTAL

119 Rent etc. payable in connection with mines, quarries and similar concerns. U.K.

M1 (1) Where rent is payable in respect of any land or easement, and either—

(a) the land or easement is used, occupied or enjoyed in connection with any of the concerns specified in section 55(2); or

(b) the lease or other agreement under which the rent is payable provides for the recoupment of the rent by way of reduction of royalties or payments of a similar nature in the event of the land or easement being so used, occupied or enjoyed,

the rent shall, subject to section 122 [F1 and section 201 of the 1992 Act], be charged to [F2 corporation] tax under Schedule D, F3 . . . .

(2) Where the rent is rendered in produce of the concern, it shall, F4 . . . , be charged under Case III of Schedule D, and the value of the produce so rendered shall be taken to be the amount of the profits or income arising therefrom.

(3) For the purposes of this section—

• “easement” includes any right, privilege or benefit in, over or derived from land; and

• “rent” includes a rent service, rentcharge, fee farm rent F5 . . . or other rent, toll, duty, royalty or annual or periodical payment in the nature of rent, whether payable in money or money’s worth or otherwise.

Textual Amendments

F1 Words in s. 119(1) inserted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(4) (with ss. 60, 101(1), 171, 201(3)).

F2 Word in s. 119(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 103 (with Sch. 2)

F3 Words in s. 119(1) repealed (with effect in accordance with s. 145(3), Sch. 29 Pt. 8(22) Note of the repealing Act) by Finance Act 1995 (c. 4), s. 145(1), Sch. 29 Pt. 8(22)

F4 Words in s. 119(2) repealed (with effect in accordance with Sch. 29 Pt. 8(22) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(22)

F5 Word in s. 119(3) repealed (S.) (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act (asp 5), ss. 71, 77(2), Sch. 12 para. 50(3), {Sch. 13 Pt. 1}; S.S.I. 2003/456, art. 2

Modifications etc. (not altering text)

C1 S. 119(1) excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 201(2), 289 (with ss. 60, 101(1), 171, 201(3)).

Marginal Citations

M1 Source—1970 s.156

120 Rent etc. payable in respect of electric line wayleaves. U.K.

M2 (1) [F6 Subject to subsection (1A) below,] where rent is payable in respect of any easement enjoyed in the United Kingdom in connection with any electric, telegraphic or telephonic wire or cable (not being such an easement as is mentioned in section 119(1)), the rent shall be charged to [F7 corporation] tax under Schedule D F8 . . . .

[F9 (1A) If—

(a) the profits and gains arising to any person for any [F10 accounting period] include both rent in respect of any such easement as is mentioned in subsection (1) above and amounts which are charged to [F11 corporation] tax under Schedule A, and

(b) some or all of the land to which the easement relates is included in the land by reference to which the amounts charged under Schedule A arise,

then, for that period, that rent shall be charged to [F11 corporation] tax under Schedule A, instead of being charged under Schedule D.]

(2) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In this section—

(a) “easement” and “rent” have the same meanings as in section 119;

(b) the reference to easements enjoyed in connection with any electric, telegraphic or telephonic wire or cable includes (without prejudice to the generality of that expression) references to easements enjoyed in connection with any pole or pylon supporting any such wire or cable, or with any apparatus (including any transformer) used in connection with any such wire or cable; F13 . . .

(c) F13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6 Words in s. 120(1) inserted (with effect in accordance with s. 60(5) of the amending Act) by Finance Act 1997 (c. 16), s. 60(2)(a)

F7 Word in s. 120(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(a) (with Sch. 2)

F8 Words in s. 120(1) repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 60(2)(b), Sch. 18 Pt. 6(2)

F9 S. 120(1A) inserted (with effect in accordance with s. 60(5) of the amending Act) by Finance Act 1997 (c. 16), s. 60(3)

F10 Words in s. 120(1A) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(b) (with Sch. 2)

F11 Words in s. 120(1A) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(c) (with Sch. 2)

F12 S. 120(2)-(4) repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 60(4), Sch. 18 Pt. 6(2)

F13 S. 120(5)(c) and preceding word repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997, (c. 16), s. 60(5), {Sch. 18 Pt. 6(2)}

Marginal Citations

M2 Source—1970 s.157

121 Management expenses of owner of mineral rights. U.K.

[F14 M3 (1) F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) In computing for the purposes of corporation tax the income of a company for any accounting period from the letting of rights to work minerals in the United Kingdom, there may be deducted any sums disbursed by the company wholly, exclusively and necessarily as expenses of management or supervision of those minerals in that period.

Textual Amendments

F14 S. 121(1) substituted for s. 121(1)(2) (with effect in accordance with s.145(3) of the amending Act) by Finance Act 1995 (c. 4), s. 145(2)

F15 S. 121(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 105, Sch. 3 (with Sch. 2)

Marginal Citations

M3 Source—1970 s.158(1), (2)

122 Relief in respect of mineral royalties. U.K.

(1) M4 Subject to the following provisions of this section, [F16 a company resident in the United Kingdom which in any] accounting period is entitled to receive any mineral royalties under a mineral lease or agreement shall be treated—

(a) F17 . . . for the purposes of corporation tax on profits exclusive of chargeable gains, as if the total of the mineral royalties receivable by [F18 it] under that lease or agreement in that F17 . . . period and any management expenses available for set-off against those royalties in that F17 . . . period were each reduced by one-half; F19 . . .

F19 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and this section shall have effect notwithstanding any provision of section 119(1) making the whole of certain kinds of mineral royalties chargeable to tax under Schedule D F20 . . . .

(2) M5 For the purposes of subsection (1)(a) above, “management expenses available for set-off” against royalties means—

(a) where section 121 applies in respect of the royalties, any sum F21 . . . deductible from those royalties under [F22 subsection (3)] of that section in computing the income of a company for the purposes of corporation tax; and

(b) if the royalties are chargeable to tax under Schedule A, any sums deductible under Part II as payments made in respect of management of the property concerned;

and if neither paragraph (a) nor paragraph (b) above applies, the reference in subsection (1)(a) above to management expenses available for set-off shall be disregarded.

(3 )F23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In this section references to mineral royalties refer only to royalties receivable on or after 6th April 1970, and the expression “mineral royalties” means so much of any rents, tolls, royalties and other periodical payments in the nature of rent payable under a mineral lease or agreement as relates to the winning and working of minerals; and the Board may by regulations—

(a) provide whether, and to what extent, payments made under a mineral lease or agreement and relating both to the winning and working of minerals and to other matters are to be treated as mineral royalties; and

(b) provide for treating the whole of such payments as mineral royalties in cases where the extent to which they relate to matters other than the winning and working of minerals is small.

(6) In this section—

• “minerals” means all minerals and substances in or under land which are ordinarily worked for removal by underground or surface working but excluding water, peat, top-soil and vegetation; and

• “mineral lease or agreement” means—

  (a)

  a lease, profit à prendre, licence or other agreement conferring a right to win and work minerals in the United Kingdom;

  (b)

  a contract for the sale, or a conveyance, of minerals in or under land in the United Kingdom; and

  (c)

  a grant of a right under section 1 of the M6 Mines (Working Facilities and Support) Act 1966, other than an ancillary right within the meaning of that Act.

(7) In the application of this section to Northern Ireland—

(a) references to mineral royalties include references to periodical payments—

(i) of compensation under section 29 or 35 of the M7 Mineral Development Act (Northern Ireland) 1969 (“the 1969 Act”) or under section 4 of the M8 Petroleum (Production) Act (Northern Ireland) 1964 (“the 1964 Act”); and

(ii) made as mentioned in section 37 of the 1969 Act or under section 55(4)(b) of that Act or under section 11 of the 1964 Act (payments in respect of minerals to persons entitled to a share of royalties under section 13(3) of the M9 Irish Land Act 1903); and

(b) in its application to any such payments as are mentioned in paragraph (a) above, references to the mineral lease or agreement under which mineral royalties are payable shall be construed as references to the enactment under which the payments are made.

F23 (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F16 Words in s. 122(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(2)(a) (with Sch. 2)

F17 Words in s. 122(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(2)(b)(d), Sch. 3 (with Sch. 2)

F18 Word in s. 122(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(2)(c) (with Sch. 2)

F19 S. 122(1)(b) and the word "and" immediately preceding it repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss. 60, 101(1), 171, 201(3), Sch. 11 paras. 20, 22, 26(2), 27).

F20 Words in s. 122(1) repealed (1.5.1995 with effect in accordance with Note to Sch. 29 Pt. 8(22) of the amending act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(22)

F21 Words in s. 122(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(3)(a), Sch. 3 (with Sch. 2)

F22 Words in s. 122(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(3)(b) (with Sch. 2)

F23 S. 122(3)(8) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 60, 101(1), 171, 201(3), Sch. 11 paras. 20, 22, 26(2), 27).

F24 S. 122(4) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 106(4), Sch. 3 (with Sch. 2)

Modifications etc. (not altering text)

C2 For regulations see Part III Vol.5.

C3 S. 122(5)-(7) applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 203(1), 289 (with ss. 60, 101(1), 171, 201(3)).

Marginal Citations

M4 Source—1970(F) s.29(1), (3); 1971 Sch.9 4

M5 Source—1970(F) s.29(2)

M6 1966 c. 4.

M7 1969 c. 35 (N.I.).

M8 1964 c. 28 (N.I.).

M9 1903 c. 37.

123 Foreign dividends. U.K.

F25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25 S. 123 repealed (with effect in accordance with Sch. 7 para. 32 of the repealing Act) by Finance Act 1996 (c. 8), Sch. 7 para. 13, Sch. 41 Pt. 5(2), Note (with Sch. 7 paras. 33-35)

124 Interest on quoted Eurobonds. U.K.

F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26 S. 124 repealed (with effect in accordance with s. 111(6)(b) of the repealing Act) by Finance Act 2000 (c. 17), s. 111(2), Sch. 40 Pt. 2(17), Note 2

125 [F27 Annual payments for dividends or non-taxable consideration] U.K.

M10 (1) Any payment to which this subsection applies F28 . . . shall not be allowed as a deduction in computing the income [F29 of the company by which] it is made F30 . . . .

(2) Subject to the following provisions of this section, subsection (1) above applies to any payment which—

[F31 (a) is not interest but is—

(i) an annuity or other annual payment charged with income tax under Part 5 of ITTOIA 2005 otherwise than as relevant foreign income; or

(ii) an annuity or other annual payment charged with corporation tax under Case III of Schedule D; and]

[F32 (b) is made under a liability incurred for consideration in money or money's worth all or any of which—

(i) consists of, or of the right to receive, a dividend, or

(ii) is not required to be brought into account in computing for the purposes of F33 . . . corporation tax the income of the person making the payment.]

(3) Subsection (1) above does not apply to—

(a) any payment which in the hands of the recipient is income falling within [F34 section 627(1) or (2)(a) of ITTOIA 2005];

(b) any payment made to an individual under a liability incurred in consideration of his surrendering, assigning or releasing an interest in settled property to or in favour of a person having a subsequent interest;[F35 or]

(c) any annuity granted in the ordinary course of a business of granting annuities;F36 . . .

(d) F36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In the application of this section to Scotland the references in subsection (3) above to settled property shall be construed as references to property held in trust.

(5) Subsection (1) above applies to a payment made after 5th April 1988 irrespective of when the liability to make it was incurred.

Textual Amendments

F27 S. 125 title substituted (retrospective to 2.12.2004) by virtue of Finance Act 2005 (c. 7), s. 91(3)

F28 Words in s. 125(1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 21(2)(a), Sch. 3 Pt. 1 (with Sch. 2)

F29 Words in s. 125(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 21(2)(b) (with Sch. 2)

F30 Words in s. 125(1) repealed (with effect in accordance with s. 38(7)(13) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(7), Note

F31 S. 125(2)(a) and word substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 107(2) (with Sch. 2)

F32 S. 125(2)(b) substituted (with retrospective effect in accordance with s. 91(7) of the amending Act) by Finance Act 2005 (c. 7), s. 91(2)

F33 Words in s. 125(2)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 21(3), Sch. 3 Pt. 1 (with Sch. 2)

F34 Words in s. 125(3)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 107(3) (with Sch. 2)

F35 Word in s. 125(3) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 21(4)(a) (with Sch. 2)

F36 S. 125(3)(d) and preceding word repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 21(4)(b), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C4 See 1989 s.59—rights of admission disregarded in the case of certain covenanted subscriptions.

Marginal Citations

M10 Source—1977 s.48

126 Treasury securities issued at a discount. U.K.

F37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F37 Ss. 126, 126A repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996, Sch. 41 Pt. 5(3), Note

126A Charge to tax on appropriation of securities and bonds. U.K.

F38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F38 Ss. 126, 126A repealed (with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996, Sch. 41 Pt. 5(3), Note

127 Enterprise allowance. U.K.

F39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F39 S. 127 repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 108, Sch. 3 (with Sch. 2)

[F40 127A Futures and options: transactions with guaranteed returns. U.K.

F41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F40 S. 127A inserted (with effect in accordance with s. 80(6) of the amending Act) by Finance Act 1997 (c. 16), s. 80(1)

F41 S. 127A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 109, Sch. 3 (with Sch. 2)

128 Commodity and financial futures etc.: losses and gains. M11 U.K.

[F42 (1) F43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F44 (2) For the purposes of corporation tax, any gain arising to any company in the course of dealing in financial futures or in qualifying options, which apart from this subsection would constitute profits or gains chargeable to tax under Schedule D otherwise than as the profits of a trade, shall not be chargeable to tax under Case V or VI of Schedule D.]

[F45 (3)] In this section “commodity or financial futures” and “qualifying options” have the same meaning as in section [F46 143 of the 1992 Act], and the reference to a gain arising in the course of dealing in commodity or financial futures includes any gain which is regarded as arising in the course of such dealing by virtue of subsection [F46 (3)] of that section.

Textual Amendments

F42 Words in s. 128 renumbered as s. 128(1) (with effect in accordance with s. 83(3) of the amending Act) by virtue of Finance Act 2002 (c. 23), Sch. 27 para. 3(1)(a) (with Sch. 28)

F43 S. 128(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 110, Sch. 3 (with Sch. 2)

F44 S. 128(2) inserted (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 27 para. 3(2) (with Sch. 28)

F45 Words in s. 128 renumbered as s. 128(3) (with effect in accordance with s. 83(3) of the amending Act) by virtue of Finance Act 2002 (c. 23), Sch. 27 para. 3(3) (with Sch. 28)

F46 Words in s. 128 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(7) (with ss. 60, 101(1), 171, 201(3)).

Marginal Citations

M11 Source—1985 s.72(1), (2); 1987 (No.2) s.81(1)

129 Stock lending. U.K.

F47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F47 Ss. 129, 129A repealed (with effect in accordance with Sch. 10 para. 7(1) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 1, Sch. 18 Pt. 6(10), Note 1; S.I. 1997/991, art. 2

[F48 129A Stock lending: interest on cash collateral. U.K.

F49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F48 S. 129A inserted (with application in accordance with s. 85(3) of the amending Act) by Finance Act 1995 (c. 4), s. 85(1)

F49 Ss. 129, 129A repealed (with effect in accordance with Sch. 10 para. 7(1) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 1, Sch. 18 Pt. 6(10), Note 1; S.I. 1997/991, art. 2

[F50 129B Stock lending fees. U.K.

(1) The income which, as income deriving from investments of a description specified in any of the relevant provisions, is eligible for relief from tax by virtue of that provision shall be taken to include any relevant stock lending fee.

(2) For the purposes of this section the relevant provisions are [F51 sections 613(4) and 614(3) and section 186 of the Finance Act 2004].

(3) In this section “relevant stock lending fee”, in relation to investments of any description, means any amount, in the nature of a fee, which is payable in connection with [F52 any] stock lending arrangement relating to investments which, but for any transfer under the arrangement, would be investments of that description.

[F53 (4) In this section “stock lending arrangement” has the same meaning as in section 263B of the 1992 Act.]]

Textual Amendments

F50 S. 129B inserted (with effect in accordance with s. 157(2) of the amending Act) by Finance Act 1996 (c. 8), s. 157(1)

F51 Words in s. 129B(2) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 6 (with Sch. 36)

F52 Word in s. 129B(3) substituted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 2(1); S.I. 1997/991, art. 2

F53 S. 129B(4) substituted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 2(2); S.I. 1997/991, art. 2

130 [F54 Meaning of “company with investment business” and “investment company” in Part 4] U.K.

M12 In this Part of this Act [F55 —

• “company with investment business” means any company whose business consists wholly or partly in the making of investments;]

• “investment company”, means any company whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom, but includes any savings bank or other bank for savings except any which, for the purposes of the M13 Trustee Savings Bank Act 1985, is a successor or a further successor to a trustee savings bank.

Textual Amendments

F54 S. 130 sidenote substituted (with effect in accordance with ss. 38(5), 42, 43 of the amending Act) by virtue of Finance Act 2004 (c. 12), s. 38(4)

F55 S. 130: definition of "company with investment business" inserted (with effect in accordance with ss. 38(5), 42, 43 of the amending Act) by Finance Act 2004 (c. 12), s. 38(3)

Modifications etc. (not altering text)

C5 See—1988 s.338(6)—definition applied for purposes of s.338(3) (charges).1988 s.576(5)—definition applied for purposes of ss.573 to 576 (losses on unquoted shares in trading companies).Trustee Savings Banks Act 1985 (c.58) s.5and Sch.2 para.6(6).

Marginal Citations

M12 Source—1970 s.304(5); 1980 Sch.11

M13 1985 c. 58.