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HMRC internal manual

Banking Manual

Banking surcharge: definition of banking company: the conditions

CTA10/S269BA

 

A company is a banking company if it is not an excluded entity and meets the following conditions at any time during the chargeable accounting period:

A company will also be a banking company if it is not an excluded entity and is a member of a partnership which meets all of the following conditions at any time during the chargeable accounting period:

  • the residence condition
  • the financial sector condition
  • either of:
    • the deposit-taker condition, or
    • the investment banking condition

A partnership includes a limited liability partnership and an entity established overseas of a similar character to a partnership.  ‘Member’ in relation to a partnership is to be read accordingly.

A company will be a banking company if it is a building society as defined by the Building Society Act 1986 or a bank established under the Savings Bank (Scotland) Act 1819.