Section 1120: “Bank”
3218.This section defines “bank”. It is based on section 840A of ICTA. The corresponding provision for income tax is in section 991 of ITA.
3219.The definition operates only where specifically applied.
3220.The regulatory power mentioned in subsection (2)(e) differs from that in ITA, in that subsection (5) preserves the possibility in the source legislation that an organisation is designated for the purposes of only some provisions that deploy this definitionrather than all such provisions. Schedule 1 to this Act makes a corresponding consequential amendment to section 991 of ITA which brings the income tax and corporation tax codes back in line.