BKM403450 - Banking surcharge: calculation of surcharge profits: non-banking group relief - definition of EEA banking company

CTA10/S269DB(2)-(8)

An EEA banking company is

• a company that has group relief to surrender under Chapter 3 of Part 5 of CTA 2010, and
• meets either condition A or B for the surrender period.

Condition A is that the surrendering company would be a banking company in relation to the surrender period if it is assumed:

• it were UK resident
• any activities carried on in the EEA territory were carried on in the UK
• if those activities would require it to be an authorised person under FSMA 2000, the company were an authorised person with permission to carry on these activities, and
• those activities consist wholly or mainly of relevant regulated activities and as a result of carrying on those activities the company would be classified by the FCA as an IFPRU 730K firm and a full scope IFPRU investment firm (see BKM402100)

Condition B is that the surrendering company is a member of a partnership and the surrendering company would be a banking company if it is assumed:

• it and the partnership were UK resident
• any activities carried on by the partnership in the EEA territory were carried on in the UK
• if those activities would require the partnership to be an authorised person under FSMA 2000, the partnership were an authorised person with permission to carry on these activities, and
• those activities consist wholly or mainly of the relevant regulated activities and as a result of carrying on those activities the partnership would be classified by the FCA as an IFPRU 730k firm and a full scope IFPRU investment firm (see BKM402100)