# The Income Tax (Prescribed Deposit-takers) Order 2002

S.I. 2002/1968 · made 25 July 2002

Section 481(2) of the Income and Corporation Taxes Act 1988 (“the Act”) defines “deposit-taker” and includes any person or class of person who receives deposits in the course of his business or activities and which is for the time being prescribed by order made by the Treasury for the purposes of section 481(2)(f). Section 482(10) of the Act provides that an order under section 481(2)(f) may prescribe a person or class of person in relation to all relevant deposits or only in relation to relevant deposits of a kind specified in the order.

Made under: Income and Corporation Taxes Act 1988 (Section 481, Section 482)

PDFs: Printed copy https://openlegislation.uk/income-tax-prescribed-deposit-takers-order-2002/pdf/uksi_20021968_en.pdf

## Introductory text

INCOME TAX
Made 25th July 2002
Laid before the House of Commons 25th July 2002
Coming into force 1st October 2002
The Treasury, in exercise of the powers conferred upon them by sections 481(2)(f) and 482(10) of the Income and Corporation Taxes Act 1988 hereby make the following Order:

## 1 Citation and commencement

This Order may be cited as the Income Tax (Prescribed Deposit-takers) Order 2002 and shall come into force on 1st October 2002.

## 2 Prescribed deposit-takers

(1) For the purposes of section 481(2)(f) of the Income and Corporation Taxes Act 1988, a person who is authorised for the purposes of the Financial Services and Markets Act 2000 and whose business consists wholly or mainly of dealing in financial instruments as principal is a class of person prescribed in relation to all relevant deposits.
(2) In paragraph (1) above—
“financial instruments” has the same meaning as in section 349(5) and (6) of the Income and Corporation Taxes Act 1988;
“relevant deposits” has the same meaning as in section 481(4) of that Act.

## Signature

Ian Pearson
Jim Fitzpatrick
Two of the Lords Commissioners of Her Majesty’s Treasury
25th July 2002

## Explanatory note

(This note is not part of the Order)
Section 481(2) of the Income and Corporation Taxes Act 1988 (“the Act”) defines “deposit-taker” and includes any person or class of person who receives deposits in the course of his business or activities and which is for the time being prescribed by order made by the Treasury for the purposes of section 481(2)(f). Section 482(10) of the Act provides that an order under section 481(2)(f) may prescribe a person or class of person in relation to all relevant deposits or only in relation to relevant deposits of a kind specified in the order.
This Order, which comes into force on 1st October 2002, prescribes persons who are authorised for the purposes of the Financial Services and Markets Act 2000 and whose business consists wholly or mainly of dealing in financial instruments as principal for the purposes of section 481(2)(f) of the Act in relation to all relevant deposits, so that interest paid to individual depositors by such persons will be subject to the rules regulating deduction of tax at source.

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Source: https://www.legislation.gov.uk/uksi/2002/1968 (the official version)
Page: https://openlegislation.uk/income-tax-prescribed-deposit-takers-order-2002
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.