Corporation Tax Act 2010 section 269BB

Relevant regulated activities

Section 269BB defines what counts as a "relevant regulated activity" for the purposes of the bank surcharge provisions, by listing specific activities regulated under the Financial Services and Markets Act 2000.

• A "relevant regulated activity" is any activity that qualifies as a regulated activity under the Financial Services and Markets Act 2000, as specified in the Regulated Activities Order 2001.
• The specified activities include accepting deposits, dealing in investments (whether as principal or as agent), arranging deals in investments, safeguarding and administering investments, and entering into regulated mortgage contracts.
• Operating an organised trading facility is also included, but only where the firm is dealing on its own account in sovereign debt instruments for which there is no liquid market, as defined by the FCA Handbook.
• This definition is important because it determines which companies are treated as banking companies and therefore subject to the bank corporation tax surcharge under this Part of the Act.