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3.—(1) Paragraph 16 (chargeable equity and liabilities of a UK banking group or a building society group) is amended as follows.
(2) In sub-paragraph (1)—
(a)in paragraph (a) omit “and N has assets which correspond to those liabilities”; and
(b)for paragraph (b) substitute—
“(b)M, or another member of the relevant group, recognises, as assets, amounts due from N or another entity which is not a member of the group (“N’s liabilities”),”.
(3) In sub-paragraph (2)——
(a)for paragraph (b) substitute—
“(b)references to amounts due from N or another entity which is not a member of the relevant group include securities provided by M, or another member of the relevant group, to N or another entity which is not a member of the relevant group as collateral, but only where M or another member of the relevant group recognises those securities in its balance sheet or statement of financial position, and”;
(b)omit paragraph (c) (and the “and” after it);
(c)in paragraph (d)(i) omit “assets which correspond to”; and
(d)after paragraph (d) insert—
“Section 556 of CTA 2009 (meaning of securities and similar securities)(1) applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.”
(4) Omit sub-paragraph (3).
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