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Legislation
Income Tax Act 2007

Crossheading Interpretation

  • Section 983 Meaning of “deposit”
  • Section 984 Meaning of “financial instrument”
  • Section 985 Meaning of “qualifying certificate of deposit”
  • Section 986 Meaning of “qualifying uncertificated eligible debt security unit”
  • Section 987 Meaning of “quoted Eurobond”
  1. Interpretation
  2. Meaning of “qualifying certificate of deposit”

Section 985 | Meaning of “qualifying certificate of deposit”

From legislation.gov.uk

(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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