SCHEDULES
SCHEDULE 1Bank payroll tax
Part 3Definitions
“Financial trading company” etc
48
1
“Financial trading company” means a company which—
a
is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or
b
is not within paragraph (a) but carries on a trade consisting wholly or partly in dealing in securities.
2
“UK resident financial trading company” means a financial trading company which is resident in the United Kingdom.
3
“Relevant foreign financial trading company” means a company which meets conditions A and B.
4
Condition A is that the company—
a
is not resident in the United Kingdom, and
b
carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
5
Condition B is that, disregarding any activities of the company other than those carried on through that permanent establishment, the company is a financial trading company.
6
In this paragraph “securities” includes—
a
shares,
b
rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and
c
in the case of a company with no share capital, interests in the company possessed by members of the company.