Income Tax Act 2007 (c. 3)

(The document as of February, 2008)

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(b) for that amount to be treated as a net amount corresponding to a gross amount from which income tax at the basic rate has been deducted, and

968 Treatment of sums representing income tax

(1) This section applies if, in accordance with section 966(3) or (4), a person pays a sum to the Commissioners for Her Majesty's Revenue and Customs.

(2) The sum is treated as paid on account of a liability of another person to income tax or corporation tax.

(3) The liability and the other person are to be found in accordance with prescribed rules.

(4) If the sum exceeds the liability concerned, the Commissioners must pay so much of the sum as is appropriate to the other person.

(5) If no liability is found, the Commissioners must pay the sum to the recipient of the relevant payment or transfer.

(6) The relevant payment or transfer is the payment or transfer--

(a) to which section 966 applies, and

(b) which gave rise to the payment of the sum.

(7) A reference to a sum in this section does not include anything representing interest.

969 Regulations

(1) The Treasury may by regulations--

(a) make provision enabling the Commissioners for Her Majesty's Revenue and Customs to serve notices requiring persons who make payments or transfers to which section 966 applies to give them prescribed information in respect of such payments or transfers,

(b) make provision requiring persons who make payments or transfers to which section 966 applies to make, at prescribed times and for prescribed periods, returns to the Commissioners containing prescribed information about payments or transfers and the income tax for which those persons are accountable in respect of them,

(c) make provision for the collection and recovery of such income tax, for assessments and claims to be made in respect of it, and for the payment of interest on it, and

(d) adapt, or modify the effect of, any enactment relating to income tax for the purpose of making any provision mentioned in paragraphs (a) to (c).

(2) The Treasury may also by regulations make provision generally for giving effect to this section and sections 966 to 968 (including different provision for different cases or descriptions of case).

970 Supplementary

(1) For the purposes of the Tax Acts a payment to which section 966 applies is treated as if it were not reduced by the deduction of a sum representing income tax under that section.

(2) An officer of Revenue and Customs may disclose, to any person who appears to the officer to have an interest in the matter, information relevant to determining whether section 966 applies to a payment or transfer.

(3) An officer is not precluded from doing so by any obligation as to secrecy imposed by statute or otherwise.

(4) In this section and sections 966 to 969--

(a) references to a payment include references to a payment by way of loan of money, and

(b) references to a transfer do not include references to a transfer of money but, subject to that, include references to--

(i) a temporary transfer (as by way of loan), and

(ii) a transfer of a right (whether or not a right to receive money).

(5) In sections 966 to 969 "prescribed" means prescribed by regulations made by the Treasury.

Non-resident landlords

971 Income tax due in respect of income of non-resident landlords

(1) The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for--

(a) the collection, from non-resident landlord representatives of a prescribed description, of prescribed amounts of income tax in respect of non-resident landlord income, and

(b) the assessment and recovery of the income tax on or from such persons.

(2) "Non-resident landlord income" means income of a person whose usual place of abode is outside the United Kingdom ("the non-resident") and which is or may become chargeable--

(a) under Schedule A, or

(b) as the profits of a UK property business under Chapter 3 of Part 3 of ITTOIA 2005.

(3) "Non-resident landlord representative" means--

(a) a person by whom any sums are payable to the non-resident which are to be treated as receipts of a Schedule A business, or a UK property business, carried on by the non-resident, or

(b) a person who acts on behalf of the non-resident in connection with the management or administration of any such business.

(4) A non-resident landlord representative who must pay prescribed amounts of income tax to the Commissioners for Her Majesty's Revenue and Customs under regulations under this section is entitled--

(a) to be indemnified by the non-resident for all such payments, and

(b) to retain out of any sums otherwise due from the representative to the non-resident, or received by the representative on behalf of the non-resident, sums representing income tax sufficient for meeting any liabilities under the regulations to make such payments.

(5) Subsection (4)(b) applies whether the liability is one which the representative has discharged or to which the representative is subject.

972 Regulations under section 971

(1) Regulations under section 971 may, in particular, include all or any of the following provisions--

(a) provision for the amount of any income tax in respect of non-resident landlord income, which is to be paid to the Commissioners for Her Majesty's Revenue and Customs, to be calculated by reference to prescribed factors,

(b) provision for the determination in accordance with the regulations of the period for which, the circumstances in which and the times at which any payments are to be made to the Commissioners,

(c) provision for requiring the payment of interest on amounts which are not paid to the Commissioners at the times required under the regulations,

(d) provision as to the certificates to be given in prescribed circumstances to the non-resident by a non-resident landlord representative, and as to the particulars to be included in any such certificate,

(e) provision for the making of repayments of income tax to the non-resident and for such repayments to be made in prescribed cases to non-resident landlord representatives,

(f) provision for the payment of interest by the Commissioners on sums repaid under the regulations,

(g) provision for the rights and obligations arising under the regulations to depend on the giving of such notices and the making of such claims and determinations as may be prescribed,

(h) provision for the making and determination of applications for requirements of the regulations not to apply in certain cases, and for the variation or revocation, in prescribed cases, of the determinations made on such applications,

(i) provision for appeals with respect to questions arising under the regulations,

(j) provision requiring non-resident landlord representatives within section 971(3)(b) who are of a prescribed description to register with the Commissioners,

(k) provision requiring persons registered with the Commissioners and other non-resident landlord representatives of a prescribed description to make returns and supply prescribed information to the Commissioners and to make available prescribed books, documents and other records for inspection on behalf of the Commissioners,

(l) provision for the partnership, as such, to be treated as the non-resident landlord representative if a liability to make a payment under the regulations arises from amounts payable or things done in the course of a business carried on by persons in partnership, and

(m) provision which, in relation to payments of income tax to be made by virtue of section 971 or to sums retained in respect of such payments, applies (with or without modifications) any enactment or subordinate legislation having effect apart from section 971 with respect to cases in which tax is or is treated as deducted from any income.

(2) Interest required to be paid by regulations under section 971 is to be paid without deduction of a sum representing income tax and is not to be taken into account in calculating any income, profits or losses for any tax purposes.

(3) Regulations under section 971 may--

(a) make different provision for different cases, and

(b) contain incidental, supplemental, consequential and transitional provision and savings.

(4) Provision made by virtue of subsection (3)(b) may, in particular, in connection with any other provision made by regulations under section 971, modify the operation in any case of section 59A of TMA 1970 (payments on account of income tax).

(5) In this section and section 971 "prescribed" means prescribed by, or determined by an officer of Revenue and Customs in accordance with, regulations made by the Commissioners for Her Majesty's Revenue and Customs under section 971.

(6) See section 121(2)(c) of FA 2006 which prevents certain distributions of Real Estate Investment Trusts being non-resident landlord income for the purposes of regulations under section 971.

Real Estate Investment Trusts

973 Income tax due in respect of distributions

(1) The Treasury may make regulations providing for the assessment, collection and recovery of income tax where--

(a) a distribution to which subsection (2) or (3) applies is made, and

(b) tax is or may become chargeable in respect of the distribution (whether by virtue of section 121(1) of FA 2006 (distributions: liability to tax) or otherwise).

(2) This subsection applies to a distribution if--

(a) it is made by a company to which Part 4 of FA 2006 applies (Real Estate Investment Trusts), and

(b) it is a distribution of profits or gains (or of both) of C (tax-exempt).

(3) This subsection applies to a distribution if--

(a) it is made by the principal company of a group to which Part 4 of FA 2006 applies, and

(b) it is a distribution of amounts shown in the financial statements of G (property rental business) as--

(i) profits and gains of UK resident members of the group, or

(ii) profits and gains of the property rental business in the United Kingdom of non-UK resident members of the group.

(4) In this section--

"C (tax-exempt)" has the meaning given by section 105(3)(b) of FA 2006,
"G (property rental business)" has the meaning given by paragraph 2 of Schedule 17 to that Act,
"group" and "principal company" have the meanings given by section 134 of that Act, and
"property rental business" has the meaning given by section 104 of that Act (read with paragraph 32(2) of Schedule 17 to that Act).

(5) References in this section to a UK resident company have the same meaning as in Schedule 17 to FA 2006 (see paragraph 3(1) of that Schedule).

(6) In this section "gains" includes chargeable gains.

974 Regulations under section 973

(1) Regulations under section 973 may, in particular--

(a) require a company to deduct sums representing income tax at the basic rate before payment of distributions,

(b) specify classes of shareholder to whom distributions may be made without deduction of such sums,

(d) require a company to account for income tax equal to the sums deducted,

(e) apply an enactment (with or without modification) in respect of cases where a sum representing income tax is deducted or treated as deducted from income,

(f) specify the time at which a distribution is to be treated as made by a company,

(g) specify periods in respect of which payments of income tax are to be made,

(h) specify times at which payments of income tax are to be made,

(i) make provision about the making of claims and determinations in respect of over-payment or under-payment (which may include provision for appeals),

(j) include provision requiring the payment of interest in respect of late payments of income tax (which may--

(i) provide for payment without deduction of sums representing income tax,

(ii) allow interest paid as a deduction from profits of the company's tax-exempt business),

(k) require a company to provide a shareholder with a statement in writing containing specified information,

(l) make provision about the repayment to a shareholder of sums deducted and paid to the Commissioners for Her Majesty's Revenue and Customs in respect of income tax,

(m) make provision for the payment of interest in respect of repayments under paragraph (l),

(n) require notices to be given by or to a company,

(o) require a company to make returns, and

(p) require a company to make records available to the Commissioners for Her Majesty's Revenue and Customs for inspection.

(2) A reference in subsection (1) to a distribution in respect of profits of tax-exempt business includes a distribution made after Part 4 of FA 2006 has ceased to apply to a company.

(3) A distribution which is treated as having been made by virtue of section 107(9)(b) of FA 2006 is also to be treated as having been made for the purposes of regulations under section 973.

(4) Regulations under section 973--

(a) may make provision which applies generally or only in specified cases or circumstances,

(b) may make different provision for different cases or circumstances, and

(5) In subsections (1) and (2), so far as they apply to cases within section 973(1)(a), "profits" includes gains (including chargeable gains).

(6) In this section "tax-exempt business" has same meaning as in Part 4 of FA 2006 (see section 107(2) of that Act).

Chapter 19 General

Supplementary

975 Statements about deduction of income tax

(1) Subsection (2) applies if a person makes a payment from which a sum representing income tax must be deducted under any provision of Chapters 2 to 7 or under section 919 or 928.

(2) If the recipient requests it in writing, the person must provide the recipient with a statement showing--

(a) the gross amount of the payment,

(b) the amount of the sum deducted, and

(3) Subsection (4) applies if the trustees of an unauthorised unit trust are treated as making a deemed payment to a unit holder ("U").

(4) If U requests it in writing, the trustees must provide U with a statement showing--

(a) the gross amount of the payment,

(b) the amount of the deemed deduction from the payment, and

(5) A statement under this section must be in writing.

(6) The duty to comply with a request under subsection (2) or (4) is enforceable by the recipient or U (as the case may be).

(7) In this section "deemed deduction", "deemed payment" and "the gross amount" have the same meanings as in Chapter 13 (see section 941(6)).

976 Arrangements for payments of interest less tax or at specified net rate

(1) This section applies if--

(a) provision is made for the payment of interest, and

(b) the interest is payable without deduction of a sum representing income tax.

(2) It applies--

(a) whenever the provision was made, and

(b) whether it was made orally or in writing.

(3) If the provision is for the payment of interest "less tax" (or uses words to similar effect) it is to be read as if the words "less tax" (or the equivalent words) were not included.

(4) Subsection (5) applies if the provision is (however worded)--

(a) for the payment of interest to which subsection (6) applies, and

(b) for that interest to be paid at such a rate ("the gross rate") that the amount of interest payable at that rate is, after deduction of a sum representing income tax, equal to the amount of interest payable at a specified rate ("the net rate").

(5) In that case the provision is to be read as if it were for the payment of interest at the gross rate.

(6) This subsection applies to--

(a) interest on which the recipient is chargeable to income tax, which falls within Chapter 2 of Part 4 of ITTOIA 2005 but which is not relevant foreign income, or

(b) interest on which the recipient is chargeable to corporation tax under Case III of Schedule D.

977 Payments to companies

(1) The provisions of this Part relating to the deduction from payments of sums representing income tax are not affected by the fact that the recipient is a company not chargeable to income tax on the payment.

(2) References in subsection (1) to payments received by a company--

(a) include payments received by another person on behalf of or in trust for the company, but

(b) do not include payments received by the company on behalf of or in trust for another person.

(3) For further provision about payments received by companies, see--

(a) sections 7(2) and 11(3) of ICTA (set-off of income tax deducted at source against liability to corporation tax), and

(b) section 952 (set-off of income tax suffered against income tax payable under Chapter 15).

978 Application to public departments

(1) This Part applies in relation to payments made by public offices and departments of the Crown except as mentioned in subsection (2).

(2) This Part does not apply to payments made by public offices and departments of--

(a) any country mentioned in Schedule 3 to the British Nationality Act 1981 (c. 61) (which contains a list of Commonwealth countries) or the Republic of Ireland, or

(b) any state or province of a country within paragraph (a).

979 Designated international organisations: exceptions from duties to deduct

(1) The Treasury may by order designate for the purposes of this section any international organisation of which the United Kingdom is a member.

(2) The duty to deduct under section 874 (duty to deduct from certain payments of yearly interest) does not apply to a payment of interest made by--

(a) an organisation designated under subsection (1), or

(b) a partnership of which an organisation so designated is a member.

(3) None of the duties to deduct under Chapters 6, 7 (deduction from annual payments, patent royalties and other payments connected with intellectual property) and 14 (directions for duty to deduct to apply in tax avoidance cases) apply to a payment made by an organisation designated under subsection (1).

(4) The duties to deduct under sections 919(2) and 922(2) do not apply in a case where the payer of the manufactured interest or (as the case may be) the manufactured overseas dividend is an organisation designated under subsection (1).

980 Derivative contracts: exception from duties to deduct

(1) Despite the provisions of this Part, a company is not required to deduct a sum representing income tax from a payment made under a derivative contract to which this section applies.

(2) This section applies to a derivative contract if profits and losses arising from it are calculated in accordance with Schedule 26 to FA 2002.

981 Foreign currency securities etc: exception from duties to deduct

Despite the provisions of this Part there is no duty to deduct a sum representing income tax from a payment of interest within section 755(1) of ITTOIA 2005 (interest on foreign currency securities etc owned by non-UK residents).

982 Income tax is calculated by reference to gross amounts

If any provision of this Part requires the deduction from a payment of a sum representing income tax at a specified rate, the rate is to be applied to the gross payment, that is to the payment before deduction of a sum representing income tax under this Part.

Interpretation

983 Meaning of "deposit"

In this Chapter "deposit" means a sum of money paid on terms which mean that it will be repaid (with or without interest)--

(a) on demand, or

(b) at a time or in circumstances agreed by or on behalf of the person who pays it and the person who receives it.

984 Meaning of "financial instrument"

(1) In this Part "financial instrument" includes--

(a) any money,

(b) any shares or securities,

(c) an option, future or contract for differences if its underlying subject-matter is (or is primarily) one or more financial instruments, and

(d) an instrument the underlying subject-matter of which is (or is primarily) creditworthiness.

(2) For the purposes of subsection (1) if the effect of an instrument depends on an index or factor, the "underlying" subject-matter of the instrument is the matter by reference to which the index or factor is determined.

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.

986 Meaning of "qualifying uncertificated eligible debt security unit"

(1) In this Part "qualifying uncertificated eligible debt security unit" means an uncertificated eligible debt security unit 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.

(3) In this section "uncertificated eligible debt security unit" means an uncertificated unit of an eligible debt security where the issue of the unit corresponds, in accordance with the current terms of issue of the eligible debt security, to the issue of a certificate of deposit.

(4) In subsection (3)--

(a) "eligible debt security",

(b) "uncertificated" (in relation to a unit), and

have the meanings given by regulation 3(1) of the Uncertificated Securities Regulations 2001 (S.I. 2001/3755).

(5) For the meaning of "certificate of deposit", see section 1019.

987 Meaning of "quoted Eurobond"

In this Part "quoted Eurobond" means a security, including a share (in particular any permanent interest bearing share as defined in section 117 of TCGA 1992), that--

(a) is issued by a company,

(b) is listed on a recognised stock exchange, and

Part 16 Income Tax Acts definitions etc

Chapter 1 Definitions

988 Overview of Chapter

(1) This Chapter contains definitions which apply for the purposes of the Income Tax Acts, except where, in those Acts, the context otherwise requires.

(2) To find a definition go first to section 989, which sets out some of the definitions in full.

(3) If a definition is not set out in full in section 989, the section indicates where it is set out in full.

(4) In some cases it is stated that a definition does not apply for the purposes of specified provisions of the Income Tax Acts (see, for example, sections 990(2), 992(3) and 1007(4)).

(5) And in some cases it is stated that a definition has effect only for the purposes of specific provisions of the Income Tax Acts (see, for example, sections 991, 993, 995 and 1006).

989 The definitions

The following definitions apply for the purposes of the Income Tax Acts--

"Act" has the meaning given by section 990,
"authorised unit trust" is to be read in accordance with section 468(6) to (9) of ICTA,
"bank" is to be read in accordance with section 991,
"basic rate" means the rate of income tax determined in pursuance of section 6(2),
"basic rate limit" has the meaning given by section 20(2),
"body of persons" means any body politic, corporate or collegiate and any company, fraternity, fellowship or society of persons whether corporate or not corporate,
"building society" means a building society within the meaning of the Building Societies Act 1986 (c. 53),
"capital allowance" means any allowance under CAA 2001,
"the Capital Allowances Act" means CAA 2001,
"chargeable gain" has the same meaning as in TCGA 1992,
"chargeable period" means an accounting period of a company or a tax year,
"charity" means a body of persons or trust established for charitable purposes only,
"close company" has the same meaning as in the Corporation Tax Acts (see sections 414 and 415 of ICTA),
"company" has the meaning given by section 992,
"connected", in relation to two persons being connected with one another, is to be read in accordance with sections 993 and 994,
"control", in relation to the control of a body corporate or a partnership, is to be read in accordance with section 995,
"distribution" has the same meaning as in the Corporation Tax Acts (see Part 6, and section 418, of ICTA),
"dividend income" has the meaning given by section 19,
"dividend ordinary rate" means the rate of income tax specified in section 8(1),
"dividend trust rate" means the rate of income tax specified in section 9(2),
"dividend upper rate" means the rate of income tax specified in section 8(2),
"farming" has the meaning given by section 996,
"for accounting purposes" has the meaning given by section 997(4),
"forestry" is to be read in accordance with section 996,
"generally accepted accounting practice" has the meaning given by section 997(1) and (3),
"grossing up" is to be read in accordance with section 998,
"higher rate" means the rate of income tax determined in pursuance of section 6(2),
"international accounting standards" has the meaning given by section 997(5),
"local authority" has the meaning given by section 999,
"local authority association" has the meaning given by section 1000,
"market gardening" has the meaning given by section 996,
"net income" has the meaning given by section 23 (see Step 2 in that section),
"non-UK resident" means not resident in the United Kingdom (and references to a non-UK resident or a non-UK resident person are to a person who is not resident there),
"normal self-assessment filing date", in relation to a tax year, means the 31 January following the tax year,
"notice" means notice in writing or in a form authorised (in relation to the case in question) by directions under section 118 of FA 1998,
"offshore installation" has the meaning given by sections 1001 and 1002,
"oil and gas exploration and appraisal" has the meaning given by section 1003,
"ordinary share capital", in relation to a company, means all the company's issued share capital (however described (a)
in relation to a person, means any period for which the person draws up accounts, and
(b)
in relation to a trade, profession, vocation or other business, means any period for which the accounts of the business are drawn up,
"permanent establishment", in relation to a company, has the meaning given by section 148 of FA 2003,
"personal representatives" in relation to a person who has died, means--
(a)
in the United Kingdom, persons responsible for administering the estate of the deceased, and
(b)
in a territory outside the United Kingdom, those persons having functions under its law equivalent to those of administering the estate of the deceased,
"profits or gains" does not include chargeable gains,
"property investment LLP" has the meaning given by section 1004,
"qualifying distribution" has the meaning given by section 14(2) of ICTA,
"qualifying policy" means a policy of insurance which is a qualifying policy for the purposes of Chapter 1 of Part 7 of ICTA,
"recognised stock exchange" has the meaning given by section 1005,
"registered pension scheme" has the meaning given by section 150(2) of FA 2004,
"relevant foreign income" has the meaning given by section 830(1) to (3) of ITTOIA 2005 but also includes, for any purpose mentioned in any provision listed in section 830(4) of that Act, income treated as relevant foreign income for that purpose by that provision,
"research and development" is to be read in accordance with section 1006,
"retail prices index" means--
(a)
the general index of retail prices (for all items) published by the Office for National Statistics, or
(b)
if that index is not published for a relevant month, any substituted index or index figures published by that Office,
"savings income" has the meaning given by section 18,
"savings rate" means the rate of income tax specified in section 7,
"Schedule A business" means any business the profits of which are chargeable to corporation tax under Schedule A, including the business in the course of which any transaction is (as a result of paragraph 1(2) of that Schedule) to be treated as entered into,
"scheme administrator", in relation to a pension scheme, has the meaning given by section 270 of FA 2004 (but see also sections 271 to 274 of that Act),
"settled property" (together with references to property comprised in a settlement) is to be read in accordance with section 466,
"settlor" is to be read in accordance with sections 467 to 473,
"starting rate" means the rate of income tax determined in pursuance of section 6(2),
"starting rate limit" has the meaning given by section 20(1),
"stepchild", in relation to a civil partner, is to be read in accordance with section 246 of the Civil Partnership Act 2004 (c. 33),
"51% subsidiary", in relation to bodies corporate, has the same meaning as in the Corporation Tax Acts (see section 838 of ICTA),
"75% subsidiary", in relation to bodies corporate, has the same meaning as in the Corporation Tax Acts (see section 838 of ICTA),
"tax" is to be read in accordance with section 832(3) of ICTA,
"tax credit" means a tax credit under section 397(1) of ITTOIA 2005,
"tax year" has the meaning given by section 4(2),
"the tax year 2007-08" (and any corresponding expression in which two years are similarly mentioned) has the meaning given by section 4(4),
"total income" has the meaning given by section 23 (see Step 1 in that section and also section 31),
"trade" includes any venture in the nature of trade,
"trust rate" means the rate of income tax specified in section 9(1),
"UK generally accepted accounting practice" has the meaning given by section 997(2),
"UK property business" has the meaning given by Chapter 2 of Part 3 of ITTOIA 2005,
"UK resident" means resident in the United Kingdom (and references to a UK resident or a UK resident person are to a person who is resident there),
"umbrella scheme" is to be read in accordance with section 468(6) to (9) of ICTA,
"unauthorised unit trust" means a unit trust scheme which is neither an authorised unit trust nor an umbrella scheme,
"unit holder" is to be read in accordance with section 468(6) to (9) of ICTA,
"unit trust scheme" has the meaning given by section 1007,
"venture capital trust" and "VCT" have the same meaning as in Part 6 (see section 259(1)),
"woodlands" has the meaning given by section 996,
"year of assessment" means a tax year, and
"the year 1988-1989" means the tax year 1988-1989 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).

990 Meaning of "Act"

(1) In the Income Tax Acts "Act" includes Northern Ireland legislation.

(2) This section does not apply for the purposes of--

(a) this Act (see instead section 1018), or

(b) ITTOIA 2005 (see instead sections 879 and 880 of that Act).

991 Meaning of "bank"

(1) This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.

(2) "Bank" means--

(a) the Bank of England,

(b) a person who has permission under Part 4 of FISMA 2000 to accept deposits (but see subsection (3) for exclusions),

(c) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to FISMA 2000 which has permission under paragraph 15 of that Schedule to accept deposits (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule),

(d) the European Investment Bank, and

(e) an international organisation designated as a bank for the purposes of this section by an order made by the Treasury.

(3) The reference to a person who has permission under Part 4 of FISMA 2000 to accept deposits does not include--

(a) a building society,

(b) a society registered within the meaning of the Friendly Societies Act 1974 (c. 46) or incorporated under the Friendly Societies Act 1992 (c. 40),

(c) a society registered as a credit union under the Industrial and Provident Societies Act 1965 (c. 12) or the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or

(d) an insurance company within the meaning of section 275 of FA 2004.

(4) The Treasury may designate an international organisation for the purposes of this section only if the United Kingdom is a member of the organisation.

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