Schedule 1, paragraph 12(3)

For subsection (9) substitute— “Account” means an account kept with— a bank; a person carrying on a business which falls within subsection (10); or an issuer of electronic money (as defined for the purposes of Part 2 of the Financial Services and Markets Act 2000). A business falls within this subsection if— in the course of the business money received by way of deposit is lent to others; or any other activity of the business is financed, wholly or to any material extent, out of the capital of or the interest on money received by way of deposit. References in subsection (10) to a deposit must be read with— but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded. section 22 of the Financial Services and Markets Act 2000; any relevant order under that section; and Schedule 2 to that Act; For the purposes of subsection (10)— all the activities which a person carries on by way of business shall be regarded as a single business carried on by him; and “money” includes money expressed in a currency other than sterling.

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