Finance Act 2018

International accounting standards U.K.

22 U.K. In paragraph 4 (bank levy to be charged in relation to certain groups of entities), omit sub-paragraphs (5) to (7).

23 U.K. In paragraph 12 (definition of “banking group”), in sub-paragraph (7), omit paragraph (b) and the “or” preceding it.

24 U.K. In paragraph 13 (definition of “banking group”: exempt activities condition)—

(a) in sub-paragraph (2)(b)(i), for “the applicable accounting standards” substitute “ international accounting standards ”,

(b) in sub-paragraph (4), omit the definition of “the applicable accounting standards”, and

(c) in sub-paragraph (4), in the definition of “net-basis activities”, for “the applicable accounting standards” substitute “ international accounting standards ”.

25 U.K. In paragraph 14 (definition of “assets”, “equity” and “liabilities”), omit sub-paragraph (2).

26 U.K. In paragraph 24 (definition of “UK allocated equities and liabilities”)—

(a) in sub-paragraph (2)(a), omit “or UK GAAP”, and

(b) in sub-paragraph (2)(b), omit sub-paragraph (ii) and the “or” preceding it.

27 U.K. In paragraph 35 (exclusion of relevant tax liabilities)—

(a) in sub-paragraph (2), in the words before paragraph (a), omit the words from “In relation to” to “international accounting standards,”;

(b) omit sub-paragraph (3).

28 U.K. In paragraph 36 (exclusion of relevant retirement benefit liabilities)—

(a) in sub-paragraph (2), omit the words from “In relation to” to “international accounting standards,”;

(b) omit sub-paragraph (3).

29 U.K. In paragraph 42 (financial statements etc)—

(a) in sub-paragraph (8), omit paragraphs (b) and (c), and

(b) omit sub-paragraphs (9) and (10).

30 U.K. In paragraph 70 (general definitions)—

(a) omit the definition of “UK GAAP”, and

(b) omit the definition of “US GAAP”.

31 U.K. In paragraph 71 (definition of “asset management activities”), in sub-paragraph (3), omit paragraph (b) and the “or” preceding it.

32 U.K. In paragraph 72 (definition of “capital resources condition”), in sub-paragraph (7), omit paragraph (b) and the “or” preceding it.

33 U.K. In paragraph 73 (definition of “excluded entity”), in sub-paragraph (3), omit paragraph (b) and the “or” preceding it.

34 U.K. In paragraph 81 (power to make consequential changes), in sub-paragraph (1)(c) omit “, UK GAAP or US GAAP”.