Section 750 Restrictions on particulars to be provided by banks
Section 748 does not oblige a bank to provide any particulars of any ordinary banking transactions between the bank and a customer carried out in the ordinary course of banking business, unless subsection (2) or (3) applies.
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with—
the creation of any settlement as a result of which income becomes payable to a person abroad, or
the execution of the trusts of any such settlement.
This subsection applies if the bank has acted or is acting on behalf of the customer in connection with the formation or management of F1a closely-held company whose business does not consist wholly or mainly of the carrying on of a trade or trades.
In this section—
“bank” has the meaning given by section 991, and
“settlement” has the meaning given by section 620 of ITTOIA 2005.
In the application of this section to Scotland, any reference to the trusts of a settlement is a reference to the purposes of the settlement.
Annotations
Textual amendments
- F1
Words in s. 750(3) substituted (with effect in accordance with s. 22(10) of the amending Act) by Finance (No. 2) Act 2024 (c. 12), s. 22(8)
Notes on Chapter 2
Modifications
- C1
Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)
- C2
Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
- C3
Pt. 13 Ch. 2 modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 10(9), 11
- C4
Pt. 13 Ch. 2 modified (retrospective to 6.4.2025 for the tax year 2025-26 and subsequent tax years) by Finance Act 2026 (c. 11), s. 53(1)-(7)(10)