Part 1 Main Provisions
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 2 Restrictions Applying to Certain Deductions Made by Banking Companies

Section 32

Part 1 Main Provisions

1

In CTA 2010, after Part 7 insert—

“Part 7A
Banking Companies
Chapter 1
Introduction
269A Overview of Part

(1)     This Part contains provision about banking companies.

(2)     Chapter 2 defines “banking company†and contains other definitions applying for the purposes of this Part.

(3)     Chapter 3 contains provision restricting the amount of certain deductions which a banking company may make in calculating its taxable total profits for an accounting period.

Chapter 2
Key Definitions
“Banking companyâ€
269B Meaning of “banking companyâ€

(1)     In this Part “banking companyâ€, in relation to an accounting period, means—

(a)     a company which meets conditions A to E,

(b)     a company which—

(i)     meets conditions A and B, and

(ii)     is a member of a partnership which meets conditions C to E, or

(c)     a building society.

In subsections (4) to (6) “the relevant entity†means the company or the partnership (as the case may be).

(2)     Condition A is that at any time during the accounting period the company—

(a)     is a UK resident company, or

(b)     is a company

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