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HMRC internal manual

Banking Manual

Banking surcharge: definition of banking company: excluded entities - asset management including pension schemes and investment trusts

Asset management companies are also excluded entities and outside the scope of the banking surcharge. Asset management companies include the following types of business:

Pension scheme manager

A company is an excluded entity if it only carries on relevant regulated activities as a manager of a pension scheme.

Investment trusts

A company is an excluded entity if it an investment trust for corporation tax purposes.

Asset management

A company is an excluded entity if the only relevant regulated activities it carries on are asset management activities. For these purposes, deposit taking which is both fundamental to the entity’s asset management activities and ancillary to those activities does not constitute relevant regulated activities (BKM402675).

Pension scheme manager and asset manager - further exclusion

The exclusions for pension scheme managers and companies carrying on asset management activities are expanded if the company has a second line of business other than deposit taking and the company’s activities in that line of business would not, on their own, result in it being both an IFPRU 730K firm and a full scope IFPRU investment firm if it only carried on this second line of business.