Finance (No. 2) Act 1992

2 (1) Section 349 of that Act (payments not out of taxed profits etc.) shall be amended as follows.

(2) In subsection (3A) (dividend or interest paid in respect of building society security) in paragraph (a) after “qualifying certificate of deposit” there shall be inserted “and other than a qualifying deposit right”.

(3) In subsection (4) the following definition shall be inserted after the definition of “qualifying certificate of deposit”—

““qualifying deposit right” means a right to receive an amount (with or without interest) in pursuance of a deposit of money, where—

(a) the right subsists under an arrangement falling within section 56A,

(b) no certificate of deposit, as defined in section 56(5), has been issued in respect of the right at the time the dividend or interest concerned is paid, and

(c) the conditions set out in paragraphs (a) and (b) in the definition of “qualifying certificate of deposit” apply; and”.