Amendment of paragraph 163
1
Paragraph 16 (chargeable equity and liabilities of a UK banking group or a building society group) is amended as follows.
2
In sub-paragraph (1)—
a
in paragraph (a) omit “and N has assets which correspond to those liabilities”; and
b
for paragraph (b) substitute—
b
M, or another member of the relevant group, recognises, as assets, amounts due from N or another entity which is not a member of the group (“N’s liabilities”),
3
In sub-paragraph (2)——
a
for paragraph (b) substitute—
b
references to amounts due from N or another entity which is not a member of the relevant group include securities provided by M, or another member of the relevant group, to N or another entity which is not a member of the relevant group as collateral, but only where M or another member of the relevant group recognises those securities in its balance sheet or statement of financial position, and
b
omit paragraph (c) (and the “and” after it);
c
in paragraph (d)(i) omit “assets which correspond to”; and
d
after paragraph (d) insert—
Section 556 of CTA 2009 (meaning of securities and similar securities)2 applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.
4
Omit sub-paragraph (3).