Finance Act 2018

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.