Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 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)

Chapter 2 U.K. Deduction by deposit-takers and building societies

Deposit-takers and relevant investments U.K.

855 Meaning of “investment” and “deposit” U.K.

(1) In this Chapter “investment” means—

(a) a deposit with a deposit-taker,

(b) a deposit with a building society,

(c) shares in a building society, or

(d) a loan to a building society.

(2) In this Chapter “deposit” means a sum of money paid on terms which mean that it will be repaid (with or without interest)—

(a) on demand, or

(b) at a time or in circumstances agreed by or on behalf of the person who pays it and the person who receives it.