Part 15U.K.Deduction of income tax at source

Modifications etc. (not altering text)

C1Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 2U.K.Deduction by deposit-takers and building societies

Deposit-takers and relevant investmentsU.K.

853Meaning of “deposit-taker”U.K.

(1)In this Chapter “deposit-taker” means—

(a)the Bank of England, or

(b)a person to whom one of the following subsections or section 854 applies.

(2)This subsection applies to a person—

(a)who has permission under Part 4 of FISMA 2000 to accept deposits which are relevant investments, and

(b)who is not—

(i)a building society,

(ii)a society registered within the meaning of the Friendly Societies Act 1974 (c. 46) or incorporated under the Friendly Societies Act 1992 (c. 40),

(iii)a society registered as a credit union under [F1the Co-operative and Community Benefit Societies Act 2014] or the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or

(iv)an insurance company within the meaning of section 275 of FA 2004.

(3)This subsection applies to a company [F2as defined in section 1(1) of the Companies Act 2006 (c. 46)] —

(a)in respect of which a resolution has been passed by a local authority under—

(i)section 48(3) of the Banking Act 1979 (c. 37), or

(ii)section 103(3) of the Banking Act 1987 (c. 22), and

(b)which is exempt from the prohibition in section 19 of FISMA 2000 on accepting deposits which are relevant investments.

(4)This subsection applies to a local authority.

(5)This subsection applies to an EEA firm which—

(a)is of the kind mentioned in paragraph 5(b) of Schedule 3 to FISMA 2000 (EEA passport rights), and

(b)has permission under paragraph 15 of that Schedule to accept deposits (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule).

(6)This subsection applies to a person—

(a)who is authorised for the purposes of FISMA 2000, and

(b)whose business consists wholly or mainly of dealing in financial instruments as principal.

For the meaning of “financial instrument”, see section 984.

Textual Amendments

F1Words in s. 853(2)(b)(iii) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 108 (with Sch. 5)