56 Banking companies: excluded entities
Finance Act 2016 (2016 c 24) | Legislation

Banking Companies

56  Banking companies: excluded entities

(1)     Section 133F of CTA 2009 (“excluded company”) has effect, and is to be deemed always to have had effect, with the amendments set out in subsections (2) to (4).

(2)     After subsection (2) insert—

“(2A)     A company is also an “excluded company” at any time (in an accounting period) if—

(a)     the company would fall within a relevant relieving provision but for one (and only one) line of business which it carries on,

(b)     that line of business does not involve the relevant regulated activity described in the provision mentioned in section 133G(1)(a), and

(c)     the company's activities in that line of business would not, on their own, result in it being both a 730k firm and a full scope investment firm.

(2B)     For the purposes of subsection (2A) the “relevant relieving provisions” are paragraphs (b), (c), (e), (g) and (h) of subsection (2).”

(3)     In subsection (7), before the definition of “authorised corporate director” insert—

““730k firm”—

(a)     in relation to any time on or after 1 January 2014, means an IFPRU 730k firm,

(b)     in relation to any time before that date, means a BIPRU 730k firm;”.

(4)

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