Finance Act 2018

Consequential amendments

14 (1) Paragraph 70 is amended in accordance with this paragraph.

(2) After the definition of “contract of insurance” insert—

• ““designated FPE entity” is defined in paragraph 15F(2);”.

(3) After the definition of “entity” insert—

• ““entity-by-entity election” is defined in paragraph 15L(1);”.

(4) After the definition of “long term” insert—

• ““non-UK allocated equity and liabilities” is defined in paragraph 15Z1;”.

(5) After the definition of “relevant regulated activity” insert—

• ““residual UK-sub-group” is defined in paragraph 15K(2);”.

(6) After the definition of “UK allocated equity and liabilities” insert—

• ““UK-based equity and liabilities”—

  (a)

  in relation to a UK resident entity, other than a designated FPE entity, is defined in paragraph 15H,

  (b)

  in relation to a designated FPE entity (other than a member of a UK sub-group) is defined in paragraphs 15I and 15Z1, and

  (c)

  in relation to a UK sub-group, is defined in paragraphs 15J, 15K and 15L;”.

(7) In the definition of “UK sub-group” for “paragraph 17(4)” substitute “paragraph 15B”.

(8) Omit the definitions of—

(a) “relevant UK banking sub-group”,

(b) “relevant UK sub-group”, and

(c) “UK banking sub-group”.