Section 303Z8

“The minimum amount” is £1,000. The Secretary of State may by regulations amend the amount for the time being specified in subsection (1). The Secretary of State must consult the Scottish Ministers and the Department of Justice before making regulations under subsection (2). For the purposes of this Chapter the amount of any money held in an account maintained with a relevant financial institution in a currency other than sterling must be taken to be its sterling equivalent, calculated in accordance with the prevailing rate of exchange.

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Source: legislation.gov.uk · retrieved 2026-09-04