Corporation Tax Act 2009 section 133H

Investment bank

Section 133H defines what counts as an "investment bank" for the purpose of determining whether an entity is a banking company under section 133E, applying different regulatory tests depending on the time period in question.

• From 1 January 2014 onwards, an entity is an investment bank if it is both an IFPRU 730k firm and a full scope IFPRU investment firm, or if it has been designated by the Prudential Regulation Authority as dealing in investments as principal.
• For periods between 1 January 2007 and 31 December 2013, an entity was an investment bank if it was both a BIPRU 730k firm and a full scope BIPRU investment firm under the applicable regulatory handbook at that time.
• For periods before 1 January 2007, an entity was an investment bank if it would have met the BIPRU 730k firm and full scope BIPRU investment firm tests had the Financial Services Authority Handbook in force on 1 January 2007 applied at that earlier time.
• An entity that carries on qualifying investment banking activities in the UK is treated as an investment bank even if its registered office or head office is located outside the UK.