Section 371FD | Exclusion: banking business

(1)The HMRC Commissioners may by regulations provide that, if specified conditions are met, step 3 in section 371FA(1) is not to apply in relation to the CFC's trading finance profits so far as they arise from banking business, or banking business of a specified description, carried on by the CFC.

(2)Regulations under subsection (1) may (in particular) make provision by reference to—

(a)the territory in which a CFC is resident or any territory in which its banking business is regulated or carried on, or

(b)the regulatory requirements imposed from time to time in any territory in relation to banking business.