BKM402200 - Banking surcharge: definition of banking company: the conditions
CTA10/S269B
A company is a banking company if it is not an excluded entity and meets the following conditions at any time during the chargeable accounting period:
- the residence condition (Condition A)
- the financial sector condition (Condition C)
- either of:
- the deposit-taker condition, or
- the investment banking condition (Conditions D & E)
A company will also be a banking company if it is not an excluded entity and is a member of a partnership which meets all of the following conditions at any time during the chargeable accounting period:
- the residence condition
- the financial sector condition
- either of:
- the deposit-taker condition, or
- the investment banking condition
A partnership includes a limited liability partnership and an entity established overseas of a similar character to a partnership. ‘Member’ in relation to a partnership is to be read accordingly.
A company will be a banking company if it is a building society as defined by the Building Society Act 1986 or a bank established under the Savings Bank (Scotland) Act 1819.