# Income Tax Act 2007, 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.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/985 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-985
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.