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HMRC internal manual

Banking Manual

Bank compensation restriction: definition of banking company: excluded companies - other companies

CTA09/S133F(2)(i) – (k)

A company is also an excluded company if it is a:

  • friendly society
  • credit union
  • a building society

A building society remains a banking company even though it is an excluded entity this is because a building society as defined at BKM307200 will always be a banking company.