- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (13/10/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 29/06/2017
Point in time view as at 13/10/2011.
Finance Act 2011, Paragraph 13 is up to date with all changes known to be in force on or before 09 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
13(1)The exempt activities condition is met for the purposes of paragraph 12(1)(b) if—U.K.
(a)at least 90% of the trading income of the relevant group for the chargeable period derives from exempt activities, or
(b)at least 50% of the trading income of the relevant group for the chargeable period derives from non-financial trading activities.
(2)For this purpose, the trading income of the relevant group for the chargeable period—
(a)consists of the items mentioned in sub-paragraph (3), and
(b)is to be determined by reference to—
(i)the amounts recognised in the group's consolidated financial statements for the chargeable period as prepared under the applicable accounting standards, or
(ii)if no such financial statements are prepared, the amounts which would have been so recognised had consolidated financial statements for the group been prepared for the chargeable period under international accounting standards.
(3)The items referred to in sub-paragraph (2)(a) are—
(a)the group's gross income for the chargeable period arising from its activities (other than net-basis activities) without taking account of any deductions (whether for expenses or otherwise), and
(b)the group's net income for the chargeable period arising from its net-basis activities.
(4)In this paragraph—
“ activities ” includes buying, holding, managing and selling assets;
“ the applicable accounting standards ” means—
international accounting standards, or
US GAAP if the members of the relevant group are determined under paragraph 4(7);
“ dealing on own account ” has the same meaning as in Directive 2004/39/ EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (see Article 4(1)(6));
“ deposit ” has the meaning given by article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544) but ignoring the exclusions in articles 6 to 9AB;
“ exempt activities ” means—
insurance activities, asset management activities and related activities, and
non-financial trading activities;
“ financial trading entity ” means an entity which—
is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act),
is not UK resident, but if it were and it carried on its activities in the United Kingdom, would be required to be an authorised person, or
is not within paragraph (a) or (b) but carries on a trade consisting wholly or partly in dealing in securities;
“ insurance activities ” means—
the effecting or carrying out of contracts of insurance by a regulated insurer, and
investment business that arises directly from activities falling within paragraph (a);
“ lending activities ” means—
acceptance of deposits or other repayable funds,
lending of money, including consumer credit, mortgage credit, factoring (with or without recourse) and financing of commercial transactions (including forfeiting),
finance leasing (as lessor),
issuing and administering means of payment,
provision of guarantees or commitments to provide money,
money transmission services,
provision of alternative finance arrangements, and
other activities carried on in connection with activities falling within any of paragraphs (a) to (g);
“ net-basis activities ” means activities normally reported on a net basis in consolidated financial statements prepared under the applicable accounting standards;
“ non-financial trading activities ” means activities carried on by an entity which is not a financial trading entity, other than—
lending activities, and
dealing on own account, with the exception of any hedging transactions in relation to activities which (disregarding this exception) are non-financial trading activities;
“ regulated insurer ”, in relation to the relevant group, means a member of the group which—
is authorised under the law of any territory to carry on insurance business, or
is a member of a body or organisation which is so authorised;
“
” means—activities which are ancillary to insurance activities or asset management activities of any entity which is a member of the relevant group (whether or not the entity carrying on the insurance activities or asset management activities), and
activities which would not be carried on but for such insurance activities or asset management activities being carried on,
but does not include dealing on own account;
“ securities ” includes—
shares,
rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and
in the case of a company with no share capital, interests in the company possessed by members of the company.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys