Corporation Tax Act 2010

[F1 Excluded trades U.K.

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

357XA Oil activities U.K.

(1) A trade is an “excluded trade” if it is a ring fence trade.

(2) In this section “ring fence trade” has the same meaning as in Part 8 (oil activities) (see section 277).

357XB Lending and investment U.K.

(1) A trade is an “excluded trade” if it consists of or includes—

(a) a lending activity, or

(b) a relevant regulated activity.

(2) But a trade is not an “excluded trade” by virtue of subsection (1) where it is carried on by an insurance company (within the meaning given by section 65 of FA 2012).

(3) In this section “lending activity” means—

(a) lending of money, including consumer credit, mortgage credit, factoring (with or without recourse), and financing of commercial transactions (including forfeiting),

(b) finance leasing (as lessor),

(c) issuing and administering means of payment,

(d) provision of guarantees or commitments to provide money,

(e) money transmission services,

(f) provision of alternative finance arrangements, or

(g) other activities carried on in connection with activities falling within any of paragraphs (a) to (f).

(4) In this section “relevant regulated activity” means an activity which is a regulated activity for the purposes of FISMA 2000 by virtue of any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)—

(a) article 5 (accepting deposits),

(b) article 14 (dealing in investments as principal),

(c) article 21 (dealing in investments as agent),

(d) article 25 (arranging deals in investments),

(e) article 40 (safeguarding and administering investments), and

(f) article 61 (entering into regulated mortgage contracts).

357XC Investment management U.K.

(1) A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—

(a) a UCITS, or

(b) an AIF.

(2) In subsection (1)—

[F2 (a) “UCITS” means—

(i) a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or

(ii) an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;]

(b) “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).

Textual Amendments

F2 S. 357XC(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(6) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

357XD Insurance: long-term business U.K.

A trade is an “excluded trade” if it consists of or includes long-term business (within the meaning given by section 63(1) of FA 2012).

357XE Re-insurance trade U.K.

(1) A trade is an “excluded trade” if it consists of re-insurance.

(2) In this Part “re-insurance” includes retrocession.]