Part 15

Deduction of income tax at source
Chapter 19

General

Interpretation

Meaning of “qualifying certificate of deposit”
985
1
In this Part “qualifying certificate of deposit” means a certificate of deposit under which—
a
the amount payable is at least £50,000, exclusive of interest, and
b
that amount is payable at a specified time within 5 years beginning with the date on which the deposit is made.
2
If an amount is denominated in a foreign currency, subsection (1)(a) has effect as if it referred to an amount which is at least the equivalent in that currency of £50,000 at the time the deposit is made.
3
For the meaning of “certificate of deposit”, see section 1019.
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)