Commentary

D7.701 Definition of bank and deposit taker

Corporate tax
Corporate tax | Commentary

D7.701 Definition of bank and deposit taker

Corporate tax | Commentary

Division D7.7     Banks and other deposit-takers

For updates affecting this Division please see Part D0 Updates

Definitions of banks etc

D7.701 Definition of bank and deposit taker

Definition of bank

Banks that operate in the UK must be recognised by the Bank of England, whether they are resident or non-resident for tax purposes; the determination of residence is dealt with in D4.103.

In general, the term 'bank' refers to the carrying on of a bona fide banking business1. Under statute2, however, a bank is defined for specific purposes only as meaning:

  1.  

    •     the Bank of England

  2.  

    •     a person who has permission under Financial Services and Markets Act 2000, Pt 4 to accept deposits (excluding building and friendly societies, credit unions and insurance companies)

  3.  

    •     prior to IP completion day (ie 11pm on 31

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