The Court of Appeal has upheld a Crown Court decision on whether infrequent deposits would be deemed accepted “by way of business”. The appellant, part of a group that had persuaded its victims to part with money, and members of which had been convicted of various offences, contended that he did not meet the criteria for the regulated activity of accepting deposits as he did not do so by way of business. It was agreed the sums of money were deposits. The Court found, agreeing with the Crown Court, that there was evidence the applicant held himself out as accepting deposits on a day-to-day basis. This was clearly evidenced by two payments in particular. On the other limb of the “business” test, the Court found the appellant did not accept deposits only on particular occasions because his conduct suggested he was in the market to accept large sums of money. (Source: Napoli v R  EWCA Crim 1129)
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact firstname.lastname@example.org or call Lexology Customer Services on +44 20 7234 0606.
Court upholds “by way of business” judgment
If you are interested in submitting an article to Lexology, please contact Andrew Teague at email@example.com.
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the...
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the same topic for the purpose of getting the fullest understanding of a new law, a court case or other legal development.”
Audrey E Mross
Labor & Employment Attorney
Munck Carter LLP