Section 866 Qualifying time deposits

United Kingdom

(1)

An investment is not a relevant investment if it is a qualifying time deposit F1made before 6 April 2012.

(2)

An investment is a qualifying time deposit for the purposes of this section if—

(a)

it is a deposit consisting of a loan of at least £50,000,

(b)

the terms of the deposit require its repayment at a specified time within 5 years beginning with the date on which it is made,

(c)

those terms do not make provision for the transfer of the right to repayment, and

(d)

those terms prevent partial withdrawals of, or additions to, the deposit.

(3)

If a deposit is denominated in a foreign currency, subsection (2)(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.

Annotations

Textual amendments

F1: Words in s. 866(1) inserted (6.4.2012) (retrospective and with effect in accordance with s. 18(2) of the amending Act) by Finance Act 2012 (c. 14), s. 18(1)

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