Section 863 General client account deposits
United Kingdom
An investment is not a relevant investment if it is a general client account deposit.
An investment is a general client account deposit for the purposes of this section if—
it is a deposit held by a deposit-taker F1... in a client account, and
provision made under any enactment requires the person whose account it is to make payments representing interest to some or all of the clients for whom, or on whose account, that person received the sums deposited in the account.
But an investment is not a general client account deposit if the account in which it is held is identified by the deposit-taker ... as one in which sums are held only for one or more particular clients of the person whose account it is.
Annotations
Textual amendments
- F1
Words in s. 863 omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 14
Notes on Part 15
Modifications
- C1
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)
Notes on Chapter 2
Textual amendments
- F1
Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4
Notes on Investments which are not relevant investments
Textual amendments
- F1
Word in s. 863 cross-heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 13