[133H Investment bank]
Corporation Tax Act 2009 (2009 c 4) | Legislation

[133H  Investment bank]

[(1)     This section gives the meaning of “investment bank” for the purposes of section 133E; and in this section “the relevant entity” has the same meaning as in subsections (2) to (6) of that section.

[(1A)     At any time on or after 1 January 2022, the relevant entity is an investment bank if—

(a)     it is an FCA investment firm that meets the conditions in subsection (1B), or

(b)     it is designated by the Prudential Regulation Authority under Article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 (SI 2013/556) (dealing in investments as principal: designation by PRA).

(1B)     An FCA investment firm meets the conditions in this subsection if it has a permanent minimum capital requirement of £750,000 and is not—

(a)     a limited activity firm,

(b)     a limited licence firm,

(c)     a local firm, or

(d)     a matched principal trading firm.

(1C)     In subsection (1B)—

“limited activity firm” means an investment firm that—

(a)     deals on own account only for the purpose of fulfilling or executing a client order or for the purpose of gaining entrance to a clearing and settlement system or a recognised exchange when acting in an

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