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HMRC internal manual

Banking Manual

Bank loss restriction: definition of banking company: deposit taker condition

CTA10/S269B(5)(a), (6)

The deposit-taker condition is that:

  • the entity’s activities include the regulated activity of accepting deposits described in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI2001/544), and it carries on that regulated activity wholly or mainly in the course of trade

The PRA regularly publishes a list of all banks (including UK permanent establishments) and building societies which are authorised to take deposits in the UK.

The annex to the PRA list includes the names of EEA branches passported into the UK which do not have permission to accept deposits in the UK.  

Entities whose name appears on the list or in the annex will normally meet the deposit-taker condition.