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.