Part 15Deduction of income tax at source
Chapter 19General
Interpretation
985Meaning of “qualifying certificate of deposit”
(1)
In this Part “qualifying certificate of deposit” means a certificate of deposit under which—
(a)
the amount payable is at least £50,000, exclusive of interest, and
(b)
that amount is payable at a specified time within 5 years beginning with the date on which the deposit is made.
(2)
If an amount is denominated in a foreign currency, subsection (1)(a) has effect as if it referred to an amount which is at least the equivalent in that currency of £50,000 at the time the deposit is made.
(3)
For the meaning of “certificate of deposit”, see section 1019.