Part 13

Tax avoidance
Chapter 2

Transfer of assets abroad

Supplementary

Restrictions on particulars to be provided by banks
750
1
Section 748 does not oblige a bank to provide any particulars of any ordinary banking transactions between the bank and a customer carried out in the ordinary course of banking business, unless subsection (2) or (3) applies.
2
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with—
a
the creation of any settlement as a result of which income becomes payable to a person abroad, or
b
the execution of the trusts of any such settlement.
3
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with the formation or management of a closely-held company whose business does not consist wholly or mainly of the carrying on of a trade or trades.
4
In this section—
- “bank” has the meaning given by section 991, and
- “settlement” has the meaning given by section 620 of ITTOIA 2005.
5
In the application of this section to Scotland, any reference to the trusts of a settlement is a reference to the purposes of the settlement.
Pt. 13 Ch. 2 modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 10(9), 11
Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)
Words in s. 750(3) substituted (with effect in accordance with s. 22(10) of the amending Act) by Finance (No. 2) Act 2024 (c. 12), s. 22(8)