Schedule 8, Part 1, Part 8B, paragraph 131O(3)

For the purposes of subsection (2)(c), “payment transaction” means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee.

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