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HMRC internal manual

Bank Levy Manual

From
HM Revenue & Customs
Updated
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Relevant entities and groups: banking groups: conditions to be met to be a banking group: the exempt activities condition: insurance and related activities

Paragraphs 13(4)(a) and (b) of Schedule 19

Exempt activities include insurance activities. ‘Insurance activities’ means:

  • the effecting or carrying out of contracts of insurance by a company which is authorised under the law of any territory to carry on insurance business
  • the effecting or carrying out of contracts of insurance by a member of a body or organisation which is authorised under the law of any territory to carry on insurance business, and
  • investment business that arises directly from ‘activities’ which fall within the first two bullet points.

‘Contract of insurance’ has the meaning given by ICTA88/S431 (2).

‘Activities’ includes the buying, holding, managing and selling of assets.