Section 985 Meaning of “qualifying certificate of deposit”

(1)

In this Part “qualifying certificate of deposit” means a certificate of deposit under which—

(a)

the amount payable is at least £50,000, exclusive of interest, and

(b)

that amount is payable at a specified time within 5 years beginning with the date on which the deposit is made.

(2)

If an amount is denominated in a foreign currency, subsection (1)(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.

(3)

For the meaning of “certificate of deposit”, see section 1019.

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 19

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)