Section 853 — Income Tax Act 2007: Meaning of “deposit-taker”

Meaning of “deposit-taker” 853 1 In this Chapter and section 876 “ deposit-taker ” means—

a the Bank of England, or b a person to whom one of the following subsections or section 854 applies.

2 This subsection applies to a person—

a who has permission under Part 4 of FISMA 2000 to accept deposits which are relevant investments, and b who is not—

i a building society, ii a society registered within the meaning of the Friendly Societies Act 1974 (c. 46) or incorporated under the Friendly Societies Act 1992 (c. 40), iii a society registered as a credit union under the Co-operative and Community Benefit Societies Act 2014 or the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or iv an insurance company within the meaning of section 275 of FA 2004.

3 This subsection applies to a company as defined in section 1(1) of the Companies Act — 2006 (c. 46) a in respect of which a resolution has been passed by a local authority under—

i section 48(3) of the Banking Act 1979 (c. 37), or ii section 103(3) of the Banking Act 1987 (c. 22),

and b which is exempt from the prohibition in section 19 of FISMA 2000 on accepting deposits which are relevant investments.

4 This subsection applies to a local authority. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 This subsection applies to a person—

a who is authorised for the purposes of FISMA 2000, and b whose business consists wholly or mainly of dealing in financial instruments as principal. For the meaning of “financial instrument”, see section 984.