35(1)Where the multinational group contains ring-fenced entities, a group payment notice may not be issued to a ring-fenced entity in respect of a liability relating to a responsible member of the group which is not a [F1member of a ring-fenced body sub-group that the entity is a member of].
(2)A ring-fenced entity is a body corporate which is—
(a)a ring-fenced body, or
(b)a member of a ring-fenced body sub-group.
(3)“Ring-fenced body” has the same meaning as in section 142A of the Financial Services and Markets Act 2000.
(4)A “ring-fenced body sub-group” is a group of entities consisting of—
(a)an RFB parent undertaking and its subsidiaries, or
(b)a ring-fenced body, which is not a subsidiary of an RFB parent undertaking, and the ring-fenced body’s subsidiaries.
(5)“RFB parent undertaking” means a body corporate which is subject to rules made under section 192JA of the Financial Services and Markets Act 2000 (rules applying to parent undertakings of ring-fenced bodies).
Textual Amendments
F1Words in Sch. 14 para. 35(1) substituted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(1)(c)