[F1269CGThe “start-up period”U.K.
(1)In this Chapter the “start-up period”, in relation to a company (“company C”), means the period of 5 years beginning with the day on which company C first begins to carry on a relevant regulated activity (“the start-up day”).
This is subject to the following provisions of this section.
(2)If on the start-up day—
(a)company C is a member of a group,
(b)there are one or more other members of the group that have carried on a relevant regulated activity while a member of the group, and
(c)none of those members first began to carry on such an activity more than 5 years before the start-up day,
company C's start-up period is the period beginning with the start-up day and ending with the relevant group period.
(3)The “relevant group period”, in relation to a group, means the period of 5 years beginning with the earliest day on which any member of the group first began to carry on a relevant regulated activity.
(4)If on the start-up day—
(a)company C is a member of a group,
(b)there are one or more other members of the group that have carried on a relevant regulated activity while a member of the group, and
(c)any of those members first began to carry on such an activity more than 5 years before the start-up day,
company C does not have a start-up period.
(5)This subsection applies if—
(a)on a day falling within company C's start-up period (“the relevant day”), company C becomes a member of a group,
(b)one or more of the members of the group which on the relevant day carry on a relevant regulated activity first began to do so before the beginning of company C's start-up period, and
(c)the relevant regulated activities carried on by company C do not form a significant proportion of the relevant regulated activities carried on immediately after the relevant day by the members of the group as a whole.
(6)Where subsection (5) applies, company C's start-up period—
(a)in the case where any of the members of the group first began to carry on a relevant regulated activity more than 5 years before the relevant day, ends immediately before the relevant day;
(b)in any other case, ends with the relevant group period.
(7)This subsection applies if—
(a)on a day falling within company C's start-up period (“the relevant day”), another company that carries on a relevant regulated activity (“the new member”) becomes a member of a group of which company C is a member,
(b)the new member first began to carry on a relevant regulated activity before the beginning of company C's start-up period, and
(c)the relevant regulated activities carried on by the new member form a significant proportion of the relevant regulated activities carried on immediately after the relevant day by the members of the group as a whole.
(8)Where subsection (7) applies, company C's start-up period—
(a)in the case where the new member first began to carry on a relevant regulated activity more than 5 years before the relevant day, ends immediately before the relevant day;
(b)in any other case, ends with the relevant group period.
(9)Any reference in this section to being, or becoming, a member of a group includes a reference to being, or becoming, a member of a partnership; and references to the “relevant group period” are to be read accordingly.
(10)Section 269CL contains provision for determining when a company first begins to carry on a relevant regulated activity.]
Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1