11(1)A trade is a “non-financial trade" if—U.K.
(a)it is conducted on a commercial basis and with a view to the realisation of profits, and
(b)it does not consist wholly or as to a substantial part in the carrying on of financial activities.
(2)For this purpose “financial activities” includes—
(a)banking, or money-lending, carried on by a bank, building society or other person;
(b)debt-factoring, finance-leasing or hire-purchase financing;
(c)insurance;
(d)dealing in shares, securities, currency, debts or other assets of a financial nature; and
(e)dealing in commodity or financial futures or options.