Section 866 — Income Tax Act 2007: Qualifying time deposits

Qualifying time deposits 866 1 An investment is not a relevant investment if it is a qualifying time deposit made before 6 April 2012 .

2 An investment is a qualifying time deposit for the purposes of this section if—

a it is a deposit consisting of a loan of at least £50,000, b the terms of the deposit require its repayment at a specified time within 5 years beginning with the date on which it is made, c those terms do not make provision for the transfer of the right to repayment, and d those terms prevent partial withdrawals of, or additions to, the deposit.

3 If a deposit is denominated in a foreign currency, subsection (2)(a) has effect as if it referred to an amount which is at least the equivalent in that currency of £50,000 at the time the deposit is made.