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Section 198.
1(1)After section 840 of the Taxes Act 1988 there shall be inserted the following section—U.K.
(1)In any provision in relation to which it is provided that “bank” has the meaning given by this section “bank” means—
(a)the Bank of England;
(b)an institution authorised under the M1Banking Act 1987;
(c)a relevant European institution; or
(d)a relevant international organisation which is designated as a bank for the purposes of that provision by an order made by the Treasury.
(2)For the purposes of subsection (1) above, an institution is a relevant European institution if—
(a)it is a European authorised institution within the meaning of the M2Banking Co-ordination (Second Council Directive) Regulations 1992; and
(b)the requirements of paragraph 1 of Schedule 2 to those regulations have been complied with in relation to its establishment of a branch.
(3)For the purposes of subsection (1) above, a relevant international organisation is an international organisation of which the United Kingdom is a member.”
(2)In section 828 of the Taxes Act 1988 (regulations and orders), in subsection (4), for “or 791” there shall be substituted “ 791 or 840A(1)(d) ”.
2(1)The following subsection—U.K.
“(0)In this section “bank” has the meaning given by section 840A.”,
shall be inserted in the Taxes Act 1988 in accordance with sub-paragraph (2) below.
(2)The subsection shall be inserted—
(a)in section 234A (information relating to distributions), after subsection (8), as subsection (8A);
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In Schedule 20 to the Taxes Act 1988 (charities: qualifying investments and loans), in paragraph 7 (certain deposits with banks to be qualifying investments), after sub-paragraph (2), there shall be inserted the following sub-paragraph—
“(3)In this paragraph “bank” has the meaning given by section 840A.”
(4)The provisions of paragraph 10 of that Schedule shall become sub-paragraph (1) of that paragraph and after that sub-paragraph there shall be inserted the following sub-paragraph—
“(2)In this paragraph “bank” has the meaning given by section 840A.”
Textual Amendments
F1Sch. 37 para. 2(2)(b)(c)(d) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F23U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 37 para. 3 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F34U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 37 para. 4 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
5U.K.In Schedule 20 to the M3Taxes Act 1988, in paragraphs 7(1) and 10, for “an institution authorised under the Banking Act 1987” there shall in each case be substituted “ a bank ”.
Marginal Citations
6U.K.The amendments of the Taxes Act 1988 made by paragraphs 2 to 5 above apply as mentioned in paragraphs 7 to 10 below.
7U.K.The amendment of section 234A applies in relation to payments made on or after the day on which this Act is passed.
F48U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4Sch. 37 para. 8 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F59U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F5Sch. 37 para. 9 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
10U.K.The amendments of paragraphs 7 and 10 of Schedule 20 apply in relation to deposits made or, as the case may be, money placed on or after the day on which this Act is passed.
11(1)The following subsection—U.K.
“(0)In this section “bank” has the meaning given by section 840A of the principal Act.”,
shall be inserted in the M4Taxes Management Act 1970 in accordance with sub-paragraph (2) below.
(2)The subsection shall be inserted—
(a)in section 17 (returns from banks etc.), after subsection (1), as subsection (1A);
(b)in section 18 (obligation to supply certain information not to apply to banks), after subsection (3), as subsection (3AA);
(c)in section 24 (obligation to disclose certain particulars not to apply to banks), after subsection (3), as subsection (3A).
(3)In section 17(1) of that Act, for “person carrying on the trade or business of banking” there shall be substituted “ such person who is a bank ”.
(4)In section 18(3) of that Act for the words from “carrying on” to the end there shall be substituted “ in respect of any interest paid by the bank in the ordinary course of its business ”.
(5)This paragraph applies as follows—
(a)the amendments of section 17 apply in relation to interest paid on or after the day on which this Act is passed; and
(b)the amendments of sections 18 and 24 apply in relation to requirements imposed on or after the day on which this Act is passed.
12(1)In section 157 of the M5Inheritance Tax Act 1984 (non-residents’ bank accounts), in subsection (5), for “the Bank of England, the Post Office or an authorised institution” there shall be substituted “ a bank or the Post Office ”.U.K.
(2)After that subsection there shall be inserted the following subsection—
“(6)In this section “bank” has the meaning given by section 840A of the Taxes Act 1988.”
(3)This paragraph applies in relation to deaths occurring on or after the day on which this Act is passed.
Marginal Citations