Income Tax Act 2007

853Meaning of “deposit-taker”U.K.
This section has no associated Explanatory Notes

(1)In this Chapter [F1and section 876] “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 [F2the 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 [F3as 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.

F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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(1) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 7

F2Words 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)