Corporation Tax Act 2009 section 133F

Excluded company

Section 133F defines which companies are treated as "excluded companies" for the purpose of determining whether a company is a "banking company", thereby falling outside the scope of the special tax rules that apply to banks.

• Certain types of financial institution — including insurance companies, friendly societies, credit unions, building societies, investment trusts and exempt commodities firms — are automatically excluded from being treated as banking companies.
• Companies whose only regulated activities are carried on in a limited capacity (for example, solely as a pension scheme manager, solely on behalf of a group insurance company, or solely as an asset manager) are also excluded.
• A further exclusion applies where a company would qualify under one of the relieving categories but for a single additional line of business, provided that line does not involve the core regulated activity of accepting deposits and would not, on its own, make the company both a 730k firm and a full scope investment firm.
• The section contains detailed definitions — including for asset management activities, exempt commodities firms, linked entities and retail clients — many of which change depending on the date in question, reflecting successive regulatory regimes overseen by the FSA, FCA and PRA.