The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014

Qualifying condition for an organisation which is not a body corporate or a partnership

5.—(1) The qualifying condition for an organisation which is not a body corporate or a partnership is that the organisation’s gross income for the relevant financial year was more than £6.5 million.

(2) In this article “gross income” means an organisation’s gross income from all sources.

(3) For the purpose of paragraph (2)—

(a) the gross income of a charity or a CIO which—

(i) is not entered in the register of charities kept under section 3 of the Charities and Trustee Investment (Scotland) Act 2005(1) (“the Scottish Charity Register”), and

(ii) is a member of a group as defined in section 141 of the Charities Act 2011 or paragraph 1(5) of Schedule 6 to the Charities (Northern Ireland) Act 2008(2)

includes the gross income of any charity or CIO which is a member of the same group, and

(b) the gross income of a charity or a CIO which—

(i) is entered in the Scottish Charity Register, and

(ii) has one or more subsidiary undertakings (as defined by regulation 1(2) of the Charities Accounts (Scotland) Regulations 2006)(3),

includes the gross income of any of those subsidiary undertakings which are charities or CIOs.

(1)

2005 (asp 10).

(2)

2008 c. 12 (N.I.).

(3)

S.S.I. 2006/218. There are amendments to regulation 1, but they are not relevant to this Order.