Section 991 — Income Tax Act 2007: Meaning of “bank”

Meaning of “bank” 991 1 This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section. 2 “ Bank ” means—

a the Bank of England, b a person who has permission under Part 4A of FISMA 2000 to accept deposits (but see subsection (3) for exclusions),

c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d the European Investment Bank, and e an international organisation designated as a bank for the purposes of this section by an order made by the Treasury.

3 The reference to a person who has permission under Part 4A of FISMA 2000 to accept deposits does not include—

a a building society, b a society registered within the meaning of the Friendly Societies Act 1974 (c. 46) or incorporated under the Friendly Societies Act 1992 (c. 40),

c 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 d an insurance company within the meaning of section 275 of FA 2004.

4 The Treasury may designate an international organisation for the purposes of this section only if the United Kingdom is a member of the organisation.

5 An order under subsection (2)(e) may include provision for a designation to have effect only in relation to the application of this section by a provision specified in the order.