Finance Act 2011

70 (1) In this Schedule— U.K.

• “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not it is legally enforceable);

• “asset management activities” is defined in paragraph 71;

• “assets” is defined in paragraph 14;

• “banking group” is defined in paragraph 12;

• “the bank levy” is defined in paragraph 1;

• “building society” means a building society within the meaning of the Building Societies Act 1986;

• “building society group” is defined in paragraph 9;

• “capital resources condition” is defined in paragraph 72;

• “the chargeable period” is defined in paragraph 4(1) or 5(1) (as the case may be);

• [F1 “Commission Regulation 2015/61” means Commission Delegated Regulation ( EU ) 2015/61 of 10 October 2014 to supplement Regulation ( EU ) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions;]

• “company” has the meaning given by section 1121(1) of CTA 2010;

• “contract of insurance” has the meaning given by article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544);

• “entity” includes a company, a partnership or a joint venture, but not—

  (a)

  the Crown,

  (b)

  a Minister of the Crown,

  (c)

  a government department,

  (d)

  a Northern Ireland department,

  (e)

  a foreign sovereign power, or

  (f)

  an international organisation;

• “equity” is defined in paragraph 14;

• “excluded”, in relation to equity and liabilities, is defined in paragraph 28;

• “excluded entity” is defined in paragraph 73;

• “exempt activities condition” is defined in paragraph 13;

• “fair value”, in relation to an item, means the amount for which the item could be exchanged between knowledgeable, willing parties in an arm's length transaction;

• [F2 “the FCA Handbook” means the Handbook made by the Financial Conduct Authority under FISMA 2000 (as that Handbook has effect from time to time);”;]

• “foreign banking group” is defined in paragraph 10;

• F3 ...

• [F4 “high quality liquid asset”, in relation to an entity or group of entities, means an asset (within the meaning of this Schedule) which—

  (a)

  is a liquid asset to which Article 416 of Regulation ( EU ) No 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms applies, and

  (b)

  falls within the description of “level 1 assets” given by Article 10(1) of Commission Regulation 2015/61;]

• “international accounting standards” has the meaning given by section 1127(5) of CTA 2010, including any modifications mentioned in section 1127(6);

• “international organisation” means an organisation of which—

  (a)

  two or more sovereign powers are members, or

  (b)

  the governments of two or more sovereign powers are members,

  (see also sub-paragraph (5));

• [F2 "investment bank ” means an entity which—

  (a)

  is both an IFPRU 730k firm and a full scope IFPRU investment firm, or

  (b)

  is designated by the Prudential Regulation Authority under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 ( S.I. 2013/556) (dealing in investments as principal: designation by PRA);]

• “liabilities” is defined in paragraph 14;

• “long term”, in relation to equity and liabilities, is defined in paragraphs 74 to 77;

• “the parent entity” is defined in paragraph 4(1);

• “partnership” includes—

  (a)

  a limited liability partnership, and

  (b)

  an entity established under the law of a territory outside the United Kingdom of a similar character to a partnership,

  and “member”, in relation to a partnership, is to be read accordingly;

• “period of account”, in relation to an entity, means a period for which the entity prepares financial statements (consolidated or otherwise), (see also paragraph 41);

• “permanent establishment” is to be read in accordance with Chapter 2 of Part 24 of CTA 2010;

• [F5 “the PRA Handbook” means the Handbook made by the Prudential Regulation Authority under FISMA 2000 (as that Handbook has effect from time to time);]

• “the relevant entity” is defined in paragraph 5(1);

• “relevant foreign bank” is defined in paragraph 78;

• “the relevant group” is defined in paragraph 4(1);

• “relevant non-banking group” is defined in paragraph 11;

• “relevant regulated activity” is defined in paragraph 79;

• “relevant UK banking sub-group” is defined in paragraph 19(5);

• “relevant UK sub-group” is defined in paragraph 17(5);

• “short term”, in relation to liabilities, means any liabilities which are not long term;

• “UK allocated equity and liabilities” is defined in paragraph 24;

• “UK banking sub-group” is defined in paragraph 19(4);

• “UKGAAP” means UK generally accepted accounting practice as defined in section 1127(2) of CTA 2010 (subject to paragraph 42(9));

• “UK resident bank” is defined in paragraph 80;

• “UK resident entity” means an entity which is resident in the United Kingdom (see paragraph 45) and “non-UK resident entity” is to be read accordingly;

• “UK sub-group” is defined in paragraph 17(4);

• “US GAAP” means United States Generally Accepted Accounting Principles.

(2) In this Schedule the following terms have the meaning given in the [F6 PRA Handbook]—

• “authorised corporate director”;

• F7 ...

• “capital resources requirement”;

• “contracts for differences”;

• “discretionary investment manager”;

• F7 ...

• F7 ...

• “ILAS BIPRU firm”;

• “designated multilateral development bank”;

• “pension scheme”;

• “principal”;

• “retail client”.

[F8 (2A) In this Schedule the following terms have the meaning given in the FCA Handbook—

• “exempt IFPRU commodities firm”;

• “full scope IFPRU investment firm”;

• “IFPRU 730k firm”.]

(3) A entity which would be [F9 an IFPRU 730k firm and a full scope IFPRU investment firm] by virtue of activities carried on in the United Kingdom but for the fact that its registered office (or, if it does not have a registered office, its head office) is not in the United Kingdom is to be treated as being one.

F10 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) If, in any proceedings, any question arises whether a person is an international organisation for the purposes of the definition of “entity” in sub-paragraph (1), a certificate issued by or under the authority of the Secretary of State stating any fact relevant to that question is conclusive evidence of that fact.

Textual Amendments

F1 Words in Sch. 19 para. 70(1) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations 2016 (S.I. 2016/874), regs. 1(1), 4(1)(b)

F2 Words in Sch. 19 para. 70(1) inserted (1.1.2014 retrospective) by Finance (No. 2) Act 2015 (c. 33) , s. 20(3)(a) (8)

F3 Words in Sch. 19 para. 70(1) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636) , art. 1(2) , Sch. para. 15(6)(a)(i)

F4 Words in Sch. 19 para. 70(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations 2016 (S.I. 2016/874), regs. 1(1), 4(1)(a)

F5 Words in Sch. 19 para. 70(1) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636) , art. 1(2) , Sch. para. 15(6)(a)(iii)

F6 Words in Sch. 19 para. 70(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636) , art. 1(2) , Sch. para. 15(6)(b)

F7 Words in Sch. 19 para. 70(2) omitted (1.1.2014 retrospective) by virtue of Finance (No. 2) Act 2015 (c. 33) , s. 20(3)(b) (8)

F8 Sch. 19 para. 70(2A) inserted (1.1.2014 retrospective) by Finance (No. 2) Act 2015 (c. 33) , s. 20(3)(c) (8)

F9 Words in Sch. 19 para. 70(3) substituted (1.1.2014 retrospective) by Finance (No. 2) Act 2015 (c. 33) , s. 20(3)(d) (8)

F10 Sch. 19 para. 70(4) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations 2016 (S.I. 2016/874), regs. 1(1), 4(2)