Section 269DO | Interpretation ^F1

(1)In this Chapter—^F1

“the appropriate person” has the meaning given by 269DF(9);

“banking company”, subject to subsections (2) to (7), has the meaning given by section 269B;

“chargeable accounting period” has the meaning given by section 269DA(1);

“company tax return” has the same meaning as in Schedule 18 to FA 1998;

“group” has the meaning given by section 269BD;

“group allowance allocation statement” means a group allowance allocation statement submitted under section 269DG or 269DH;

“group allowance nomination” has the meaning given by section 269DF(1);

“group surcharge allowance” has the meaning given by section 269DF;

“HMRC” means Her Majesty's Revenue and Customs;

“nominated company” has the meaning given by section 269DF(1);

“surcharge allowance” has the meaning given by section 269DA(3) and (4);

“surcharge profits” has the meaning given by section 269DA(2).

(2)Subsections (3) to (7) apply for the purposes of determining whether a company is a banking company for the purposes of this Chapter.^F1

(3)Condition D in section 269B(5) is not met by reason of the relevant entity accepting deposits in a period if—^F1

(a)the liabilities shown in the relevant entity's balance sheet for that period, so far as they result from it accepting deposits, do not amount to a substantial proportion of the entity's total liabilities and equity shown in that balance sheet, and^F1

(b)if the company is a member of a group at any time in that period, no other company is a member of the group, and a UK deposit-taker, at any time in the period.^F1

(4)In subsection (3)(b) “UK deposit-taker” means—^F1

(a)a UK resident company that accepts deposits, or^F1

(b)a non-UK resident company that accepts deposits in the course of carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.^F1

(5)For the purposes of section 269BA(1)(e) (exclusion of entities carrying on only asset management activities), an entity does not carry on a relevant regulated activity other than asset management activities by accepting deposits if—^F1

(a)accepting deposits is ancillary to asset management activities the entity carries on, and^F1

(b)the entity would not accept deposits but for the fact that it carries on asset management activities.^F1

(5A)For the purposes of section 269BA(1A) (extension of certain exclusions under subsection (1) of that section) a line of business carried on by a company is not regarded as involving the relevant regulated activity described in the provision mentioned in section 269BB(a) if—^F1F2

(a)the carrying on of that activity is ancillary to asset management activities the company carries on, and^F1F2

(b)the company would not carry that activity on but for the fact that it carries on asset management activities.^F1F2

(6)In subsections (5) and (5A) “asset management activities” has the meaning given by section 269BC(2).^F1F3

(7)For the purposes of subsections (3) to (5) references to accepting deposits are to carrying on activity which is (or, if it were carried on in the United Kingdom, would be) a regulated activity for the purposes of FISMA 2000 by virtue of article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (accepting deposits).^F1