Corporation Tax Act 2010 section 269BA

Excluded entities

Section 269BA defines which types of entity are treated as "excluded entities" and are therefore not subject to the banking company surcharge rules, even though they may carry on some regulated financial activities.

• A wide range of financial entities — including insurance companies, investment trusts, building societies, credit unions, friendly societies, commodity dealers, and pension scheme managers — are automatically excluded from being treated as banking companies for surcharge purposes.
• Entities that only carry on regulated activities on behalf of a group insurance company, or that limit their regulated activities to asset management or dealing in contracts for differences primarily with retail clients, are also excluded.
• An additional exclusion applies where an entity would qualify under one of the main relieving categories but for a single line of business, provided that line of business does not involve accepting deposits and would not on its own make the entity a qualifying FCA investment firm.
• The definition of "relevant regulated activity" and other supplementary terms used in identifying excluded entities are set out in sections 269BB and 269BC respectively.