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HMRC internal manual

Bank Levy Manual

From
HM Revenue & Customs
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Relevant entities and groups: banking groups: UK resident bank: the wider banking condition: the first part

Paragraph 80(1)(c)(ii) of Schedule 19

The first part of the wider banking condition is that the company is both a ‘BIPRU 730k firm’ and a ‘full scope BIPRU investment firm’.

Paragraph 70(2) of Schedule 19

‘BIPRU 730k firm’ and a ‘full scope BIPRU investment firm’ have the meaning given by the FSA’s Handbook of Rules and Guidance - except that their scope is extended in one important respect.

Where a company’s registered office (or, if it does not have a registered office, its head office) is not in the UK and but for this, the company would, by virtue of activities carried on in the UK be a BIPRU 730k firm and a full scope BIPRU investment firm, then, for bank levy purposes, it is treated as being a BIPRU 730k firm and a full scope BIPRU investment firm.