Section 854 — Income Tax Act 2007: Power to prescribe persons as deposit-takers

Power to prescribe persons as deposit-takers 854 1 This section applies to a person who receives deposits in the course of carrying on business or activities and—

a is for the time being prescribed by order by the Treasury for the purposes of this section, or b is a member of a class of persons which is for the time being so prescribed.

2 An order under this section may prescribe a person or class of person—

a in relation to all deposits which are relevant investments, or b in relation to deposits which are relevant investments of a kind specified in the order.

3 If a person is prescribed only in relation to deposits which are relevant investments of a kind specified in the order, the reference in section 876(1)(b) to “relevant investment” is to be read as a reference only to relevant investments of the kind so specified.