Section 750 — Income Tax Act 2007: Restrictions on particulars to be provided by banks

Restrictions on particulars to be provided by banks 750 1 Section 748 does not oblige a bank to provide any particulars of any ordinary banking transactions between the bank and a customer carried out in the ordinary course of banking business, unless subsection (2) or (3) applies.

2 This subsection applies if the bank has acted or is acting on behalf of the customer in connection with—

a the creation of any settlement as a result of which income becomes payable to a person abroad, or b the execution of the trusts of any such settlement.

3 This subsection applies if the bank has acted or is acting on behalf of the customer in connection with the formation or management of a closely-held company whose business does not consist wholly or mainly of the carrying on of a trade or trades .

4 In this section— “ bank ” has the meaning given by section 991, and “ settlement ” has the meaning given by section 620 of ITTOIA 2005.

5 In the application of this section to Scotland, any reference to the trusts of a settlement is a reference to the purposes of the settlement.