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SCHEDULES

SCHEDULE 1U.K.Bank payroll tax

Part 3 U.K.Definitions

“Financial trading company” etcU.K.

48(1)Financial trading company” means a company which—U.K.

(a)is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or

(b)is not within paragraph (a) but carries on a trade consisting wholly or partly in dealing in securities.

(2)UK resident financial trading company” means a financial trading company which is resident in the United Kingdom.

(3)Relevant foreign financial trading company” means a company which meets conditions A and B.

(4)Condition A is that the company—

(a)is not resident in the United Kingdom, and

(b)carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom.

(5)Condition B is that, disregarding any activities of the company other than those carried on through that permanent establishment, the company is a financial trading company.

(6)In this paragraph “securities” includes—

(a)shares,

(b)rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and

(c)in the case of a company with no share capital, interests in the company possessed by members of the company.