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Archived EU legislation pertaining to the financial service exemption

The exemption in UK law for supplies of financial services is derived from Archived Directive 2006/112/EC, art 135(1)(b)–(g), which (as at IP completion day) exempted the following transactions:

1. Ìý

   (1)ÌýÌýÌýÌý the granting and the negotiation of credit and the management of credit by the person granting it

2. Ìý

   (2)ÌýÌýÌýÌý the negotiation of or any dealings in credit guarantees or any other security for money and the management of credit guarantees by the person who is granting the credit¹

3. Ìý

   (3)ÌýÌýÌýÌý transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments², but excluding debt collection³

4. Ìý

   In Target Group, the Court of Appeal⁴ (agreeing with both the First-tier Tribunal⁵ and the Upper Tribunal⁶) considered the meaning of 'current account' in relation to an account which the account holder could only use to make repayments of a debt, ie a loan account. It concluded that whether