Statute
Section 985 — Income Tax Act 2007: Meaning of “qualifying certificate of deposit”
Text of the provision Official document
Meaning of “qualifying certificate of deposit” 985 1 In this Part “ qualifying certificate of deposit ” means a certificate of deposit under which—
a the amount payable is at least £50,000, exclusive of interest, and b that amount is payable at a specified time within 5 years beginning with the date on which the deposit is made.
2 If an amount is denominated in a foreign currency, subsection (1)(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.
3 For the meaning of “certificate of deposit”, see section 1019.
Official source: legislation.gov.uk
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