Finance Act 2018

Consequential amendments U.K.

8 U.K. In consequence of the preceding provisions of this Schedule, Schedule 19 to FA 2011 is amended as follows.

9 U.K. In paragraph 30(2), at the beginning insert “ For the purposes of this paragraph, ”.

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

11 (1) Paragraph 47 is amended in accordance with this paragraph. U.K.

(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.”

12 U.K. In paragraph 53(4)—

(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. U.K.

(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. U.K.

(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”.

15 U.K. In paragraph 77, after “subject to” insert “ Step 7 in paragraph 15Z1 and ”.