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”.