Income Tax Act 2007 section 991

Meaning of "bank"

Section 991 defines what "bank" means for the purposes of various income tax provisions that specifically refer to this definition.

• A "bank" includes the Bank of England, persons authorised under FISMA 2000 to accept deposits, the European Investment Bank, and Treasury-designated international organisations of which the UK is a member.
• Building societies, friendly societies, credit unions, and insurance companies are specifically excluded from the definition, even though they may hold deposit-taking permissions.
• The Treasury can designate international organisations as banks for these purposes, but only where the UK holds membership of that organisation.
• A Treasury designation order can be limited so that it applies only in relation to specific provisions of the Income Tax Acts, rather than across the board.