Corporation Tax Act 2010 section 269DO

Interpretation

Section 269DO defines the key terms used throughout the banking surcharge chapter and sets out special rules for determining whether a company counts as a "banking company" for surcharge purposes, particularly where deposit-taking is involved.

• The section provides a glossary of defined terms used in the banking surcharge chapter, including "banking company", "surcharge profits", "surcharge allowance", "group surcharge allowance", and "nominated company".
• A company is not treated as a banking company merely because it accepts deposits if those deposit liabilities are not a substantial proportion of total liabilities and equity, and no other group member is a UK deposit-taker during the period.
• An entity carrying on only asset management activities is not disqualified from the exclusion in section 269BA simply because it accepts deposits, provided the deposit-taking is ancillary to and would not occur without its asset management business.
• References to "accepting deposits" throughout these rules mean carrying on the regulated activity of accepting deposits as defined under article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or an activity that would be so regulated if carried on in the UK.