SCHEDULES

SCHEDULE 19The bank levy

Part 8Definitions

“Asset management activities”

71

1

“ Asset management activities ” means activities which consist (or, if they were carried on in the United Kingdom, would consist) of any or all of the following—

a

acting as the operator of a collective investment scheme (within the meaning of Part 17 of FISMA 2000: see sections 235 and 237 of that Act),

b

acting as a discretionary investment manager for clients none of which is a linked entity, and

c

acting as an authorised corporate director.

2

In sub-paragraph (1), “ linked entity ”, in relation to an entity (“E”), means—

a

a member of the same group as E,

b

a company in which a company which is a member of the same group as E has a major interest (within the meaning of Part 5 of CTA 2009: see section 473 of that Act), or

c

a partnership the members of which include an entity—

i

which is a member of the same group as E, and

ii

whose share of the profits or losses of a trade carried on by the partnership for an accounting period of the partnership any part of which falls within the chargeable period is at least a 40% share (see Part 17 of CTA 2009 for provisions about shares of partnership profits and losses).

3

In sub-paragraph (2) “ group ” means a group for the purposes of—

a

the provisions mentioned in paragraph 4(3), F1...

F1b

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