SCHEDULE 19The bank levy
Part 8Definitions
“Asset management activities”
71
(1)
“ Asset management activities ” means activities which consist (or, if they were carried on in the United Kingdom, would consist) of any or all of the following—
(a)
acting as the operator of a collective investment scheme (within the meaning of Part 17 of FISMA 2000: see sections 235 and 237 of that Act),
(b)
acting as a discretionary investment manager for clients none of which is a linked entity, and
(c)
acting as an authorised corporate director.
(2)
In sub-paragraph (1), “ linked entity ”, in relation to an entity (“E”), means—
(a)
a member of the same group as E,
(b)
a company in which a company which is a member of the same group as E has a major interest (within the meaning of Part 5 of CTA 2009: see section 473 of that Act), or
(c)
a partnership the members of which include an entity—
(i)
which is a member of the same group as E, and
(ii)
whose share of the profits or losses of a trade carried on by the partnership for an accounting period of the partnership any part of which falls within the chargeable period is at least a 40% share (see Part 17 of CTA 2009 for provisions about shares of partnership profits and losses).
(3)
In sub-paragraph (2) “ group ” means a group for the purposes of—
(a)
the provisions mentioned in paragraph 4(3), F1...
F1(b)
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