Part 15

Deduction of income tax at source
Chapter 2

Meaning of “relevant investment” for purposes of section 876

Deposit-takers and relevant investments

Power to prescribe persons as deposit-takers
854
1
This section applies to a person who receives deposits in the course of carrying on business or activities and—
a
is for the time being prescribed by order by the Treasury for the purposes of this section, or
b
is a member of a class of persons which is for the time being so prescribed.
2
An order under this section may prescribe a person or class of person—
a
in relation to all deposits which are relevant investments, or
b
in relation to deposits which are relevant investments of a kind specified in the order.
3
If a person is prescribed only in relation to deposits which are relevant investments of a kind specified in the order, the reference in section 876(1)(b) to “relevant investment” is to be read as a reference only to relevant investments of the kind so specified.
Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4
Word in s. 854(3) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 8
Pt. 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)