Section 151L Deposit arrangementsF1
This section applies to arrangements if under them—
a person (“the depositor”) deposits money with a financial institution,
the money, together with money deposited with the institution by other persons, is used by it with a view to producing a profit,
from time to time the institution makes or credits a payment to the depositor out of profit resulting from the use of the money,
the payment is in proportion to the amount deposited by the depositor, and
the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.
This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from sections 151J, 151K, this section and sections 151M and 151N).
Annotations
Textual amendments
- F1
S. 151L inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 32 (with Sch. 9 paras. 1-9, 22)
Notes on Part IV
Modifications
- C1
Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Notes on Chapter 4
Textual amendments
- F1
Pt. 4 Ch. 4 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 28 (with Sch. 9 paras. 1-9, 22)
Modifications
- C1
Pt. 4 Ch. 4 applied (with modifications) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 40 (with Sch. 9 paras. 1-9, 22)
Notes on Arrangements that are alternative finance arrangements
Textual amendments
- F1
S. 151J and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 30 (with Sch. 9 paras. 1-9, 22)