xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
48(1)“Financial trading company” means a company which—U.K.
(a)is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or
(b)is not within paragraph (a) but carries on a trade consisting wholly or partly in dealing in securities.
(2)“UK resident financial trading company” means a financial trading company which is resident in the United Kingdom.
(3)“Relevant foreign financial trading company” means a company which meets conditions A and B.
(4)Condition A is that the company—
(a)is not resident in the United Kingdom, and
(b)carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
(5)Condition B is that, disregarding any activities of the company other than those carried on through that permanent establishment, the company is a financial trading company.
(6)In this paragraph “securities” includes—
(a)shares,
(b)rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and
(c)in the case of a company with no share capital, interests in the company possessed by members of the company.