PART 6Other provisions

Code of Practice on Taxation for Banks

286The Code of Practice on Taxation for Banks: “participating” groups or entities

1

This section applies for the purposes of section 285.

2

A group or entity becomes a “participating” group or entity if, on or after 31 May 2013, it notifies the Commissioners in writing that it is unconditionally committed to complying with the Code.

3

A group or entity ceases to be a “participating” group or entity if it notifies the Commissioners in writing that it is no longer unconditionally committed to complying with the Code.

4

A group or entity which ceases to be a “participating” group or entity in accordance with subsection (3) becomes a “participating” group or entity again if it gives a further written notice of the kind mentioned in subsection (2) (subject to what follows).

5

Subsections (6) and (7) apply if a group or entity is named in a report under section 285 under subsection (2) of that section.

6

If the group or entity is a “participating” group or entity immediately before the publication of the report, it ceases to be so on the publication of the report.

7

In any case, the group or entity cannot be a “participating” group or entity after the publication of the report unless and until—

a

it gives the Commissioners a further written notice of the kind mentioned in subsection (2), and

b

the Commissioners are satisfied that it is unconditionally committed to complying with the Code.