Corporation Tax Act 2010 section 1120

"Bank"

Section 1120 defines what "bank" means for the purposes of those parts of the Corporation Tax Acts that specifically apply this definition.

• A "bank" includes the Bank of England, the European Investment Bank, persons permitted under Part 4A of FISMA 2000 to accept deposits (with certain exclusions), and Treasury-designated international organisations of which the UK is a member.
• Building societies, friendly societies, credit unions and insurance companies are specifically excluded from the definition, even though they may hold deposit-taking permissions under FISMA 2000.
• The Treasury may designate an international organisation as a bank only if the United Kingdom is a member of that organisation.
• A Treasury designation order may limit its effect to specific provisions that use this definition, rather than applying across all provisions that refer to it.