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Finance Act 2018

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Consequential amendmentsE+W+S+N.I.

8In consequence of the preceding provisions of this Schedule, Schedule 19 to FA 2011 is amended as follows.E+W+S+N.I.

9In paragraph 30(2), at the beginning insert “ For the purposes of this paragraph, ”.E+W+S+N.I.

10In paragraph 40(1), for the words from “paragraphs 16” to the end substitute “ paragraphs 15S to 15U, 15Z3, 15Z4, 25 and 27A to 27D. ”E+W+S+N.I.

11(1)Paragraph 47 is amended in accordance with this paragraph.E+W+S+N.I.

(2)In sub-paragraph (11), for the words from “paragraph 16(1)(c) and (d)” to the end substitute “ paragraph 15S(1)(d) and (e), 15T(1)(e) and (f), 15Z3(1)(c) and (d), 25(1)(c) and (d), 27A(1)(d) and (e) or 27B(1)(d) and (e). ”

(3)In sub-paragraph (14)—

(a)in the words before paragraph (a), after “ “relevant member”” insert “ means ”;

(b)for paragraphs (a) and (b) substitute—

(a)a chargeable UK resident entity which is a member of the relevant group;

(b)a UK sub-group of the relevant group;

(c)a relevant foreign bank which is a member of the relevant group.

12In paragraph 53(4)—E+W+S+N.I.

(a)in paragraph (a), for “relevant UK banking sub-group” substitute “ UK sub-group ”,

(b)for paragraph (b) substitute—

(b)is a chargeable UK resident entity which is a banking entity (see paragraph 15C(2)),,

(c)omit paragraph (c), and

(d)in paragraph (d), for “covered by paragraph 19(17)” substitute “ which is a member of the relevant group ”.

13(1)Paragraph 54 is amended in accordance with this paragraph.E+W+S+N.I.

(2)In sub-paragraph (5)(c)—

(a)in sub-paragraph (i), for “chargeable UK-based equity and liabilities” substitute “ UK-based equity and liabilities or UK-allocated equity and liabilities ”;

(b)in sub-paragraph (ii)—

(i)for “chargeable UK-based equity and liabilities” substitute “ UK-based equity and liabilities or UK-allocated equity and liabilities ”;

(ii)for “relevant UK sub-group or a relevant UK banking sub-group (as the case may be)” substitute “ UK sub-group ”.

(3)In sub-paragraph (6)—

(a)in the words before paragraph (a), after “ “relevant member”” insert “ means ”;

(b)for paragraphs (a) and (b) substitute—

(a)a chargeable UK resident entity which is a member of the relevant group;

(b)a UK sub-group of the relevant group;

(c)a relevant foreign bank which is a member of the relevant group.

14(1)Paragraph 70 is amended in accordance with this paragraph.E+W+S+N.I.

(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”.

15In paragraph 77, after “subject to” insert “ Step 7 in paragraph 15Z1 and ”.E+W+S+N.I.

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