Article 485 Interest on unpaid leviesI1

for paragraph (3)(a) of article 24^f1 (interest on unpaid levies), substitute—

“(a)

the reference banks are the seven largest persons for the time being who—

(i)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii)

quote a base rate in sterling.”;

in paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

in paragraph (4) of that article, the definition of “deposit-taking business” is revoked;

in the second sub-paragraph of paragraph (4) for “an institution” substitute “a person” and for “that institution” substitute “that person”; and

after paragraph (4) of that article insert—

“(5)

Paragraph (3)(a) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.