The definition of ‘deposit-taker’ is provided by ITA 2007, s. 853.

From 6 April 2016, the definition applies for the purposes of the exemption for deposit takers from the duty to deduct income tax on yearly interest provided by ITA 2007, s. 876 (see ¶118-000ff. and ¶118-100).

Prior to 6 April 2016, the definition applied for the purposes of the imposition of the duty by deposit takers to deduct income tax on interest payments under former ITA 2007, s. 851 (see ¶117-550). The duty to deduct income tax by deposit takers or building societies was abolished with effect from 6 April 2016 (see ¶117-550).

A deposit-taker is extensively defined as:

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