Chapter 2 – Key definitions
5.New sections 269B to 269BC give the definition of a ‘banking company’ and related terms in order to establish which companies are included in the scope of the Part.
6.New section 269BD defines group for the purposes of the Part as the group under international accounting standards or, where appropriate, United States generally accepted accounting practice. The term group is not relied upon for the anti-avoidance rule in new section 269CK, which relies on a test of connection (the term connected read in accordance with section 1122 of CTA 2010).
7.New section 269BE contains a power for HM Treasury to make consequential amendments to the Part in light of any changes to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, the PRA Handbook or FCA Handbook, European Union Regulations, or appropriate accounting standards; where the Part relies on definitions or meanings from these sources it may be necessary to adapt to changes in them.
