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HMRC internal manual

VAT Finance Manual

Money (including transfer of money) and related services: operation of a current, deposit or savings account: what is meant by ‘operation’?

The question of what acts or services constitute the operation of a current, savings or deposit account has never been tested in court. In general terms operation might include any of the following:

  • creating the account
  • the deposit or withdrawal of funds to or from the account
  • setting up and cancelling direct debit and / or standing order instructions
  • processing credit and debit instructions
  • issuing statements
  • issue of cheque books
  • issue of debit / cheque guarantee cards.

This list is not exhaustive.