BKM302600 | Bank loss restriction: definition of banking company: excluded entities: asset management including pension schemes and investment trusts

Asset management companies are also excluded companies and outside the scope of the loss restriction. Asset management companies include the following types of business:

Pension scheme manager

A company is an excluded entity if it only carries on relevant regulated activities as a manager of a pension scheme.

Investment trusts

A company is an excluded entity if it is an investment trust for corporation tax purposes.

Asset management

A company is an excluded entity if the only relevant regulated activities it carries on are asset management activities (see BKM302650).

Other

The exclusions for pension scheme managers and companies carrying on asset management activities are expanded if the company has a second line of business other than deposit taking and the company’s activities in that line of business would not, on their own, result in it being an FCA investment firm that meets the conditions in CTA10/S269B(6B) if it only carried on this second line of business.