Section 339A Threshold amountsF1

In this section—

The threshold amount for acts done by a deposit-taking body F3, electronic money institution or payment institution in operating an account is F4£3,000 unless a higher amount is specified under the following provisions of this section (in which event it is that higher amount).

An officer of Revenue and Customs, or a constable, may specify the threshold amount for acts done by a deposit-taking body F5, electronic money institution or payment institution in operating an account—

Where the threshold amount for acts done in operating an account is specified under subsection (3) or this subsection, an officer of Revenue and Customs, or a constable, may vary the amount (whether on a request from the deposit-taking body F8, electronic money institution or payment institution or otherwise) by specifying a different amount.

Different threshold amounts may be specified under subsections (3) and (4) for different acts done in operating the same account.

The amount specified under subsection (3) or (4) as the threshold amount for acts done in operating an account must, when specified, not be less than the amount specified in subsection (2).

The threshold amount for acts done by a person carrying on business in the regulated sector, for the purposes of the termination of a business relationship with a customer or client, is F10£3,000.

The Secretary of State may by order vary the amount for the time being specified in subsection (2) F11or (6A).

For the purposes of this section, an account is related to another if each is maintained with the same deposit-taking body F12, electronic money institution or payment institution and there is a person who, in relation to each account, is the person or one of the persons entitled to instruct the body F13or institution as respects the operation of the account.