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HMRC internal manual

Corporate Finance Manual

Other tax rules on corporate finance: deduction of tax: deposit-taker

Deposit taker

‘Deposit-taker’ is defined at ITA07/S853. It includes banks - a bank, for this purpose, being any person within the definition at ITA07/S991 (1)(b) whose permission under Part 4 of the Financial Services and Markets Act (FSMA) 2000 to accept deposits includes permission to accept deposits that are ‘relevant investments’ (see CFM75050).

It also includes:

  • the Bank of England,
  • municipal banks,
  • local authorities
  • securities houses (persons whose business consists wholly or mainly in dealing in financial instruments, such as shares, debt securities and derivatives), and
  • any other person or persons prescribed by Treasury Order.