Income Tax Act 2007 section 853

Meaning of "deposit-taker"

Section 853 defines who qualifies as a "deposit-taker" for the purposes of the rules on deduction of income tax at source from interest payments.

  • A deposit-taker includes the Bank of England, persons with FCA permission to accept deposits (excluding building societies, friendly societies, credit unions and insurance companies), and local authorities.
  • Companies authorised by local authority resolution under the Banking Act 1979 or 1987, and exempt from the FISMA 2000 prohibition on accepting deposits, also qualify.
  • Persons authorised under FISMA 2000 whose business consists wholly or mainly of dealing in financial instruments as principal are included.
  • Additional persons may be prescribed as deposit-takers under section 854.

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