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Finance Act 2011, Cross Heading: “Capital resources condition” is up to date with all changes known to be in force on or before 21 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1 Sch. 19 para. 69A and cross-heading inserted (with effect in accordance with s. 204(5)-(7) of the amending Act) by Finance Act 2013 (c. 29) , s. 204(3)
72(1)“The capital resources condition” is that the entity has a capital resources requirement of at least £100,000,000.U.K.
(2)But if the entity is a member of a group, “the capital resources condition” is that the entity and—
(a)any other entities which—
(i)are members of the group,
(ii)meet either of the conditions in sub-paragraph (3),
(iii)are not excluded entities, and
(iv)are not members of any partnership within paragraph (b), and
(b)any partnership—
(i)the members of which are or include one or more entities which are members of the group and not excluded entities, and
(ii)which meets either of the conditions in sub-paragraph (3),
have (in aggregate) capital resources requirements of at least £100,000,000.
(3)The conditions referred to in sub-paragraph (2) are that the entity or partnership—
(a)is both a BIPRU 730k firm and a full scope BIPRU investment firm, or
(b)is an entity or partnership which carries on in the United Kingdom activities including the relevant regulated activity described in the provision mentioned in paragraph 79(a).
(4) In determining whether the entity is a UK resident bank or a relevant foreign bank by virtue of paragraph 78(2) or 80(2), the references in sub-paragraph (1) to the entity are to the partnership.
(5)If any entity whose capital resources may be material for the purposes of sub-paragraph (1) or (2) prepares its accounts in a currency other than sterling, the amount of its capital resources at the end of the chargeable period is to be translated into its sterling equivalent by reference to the spot rate of exchange on the last day of the chargeable period.
(6)If any entity whose capital resources may be material for the purposes of sub-paragraph (1) or (2) carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom, its capital resources are to be determined as they would be for corporation tax purposes (see Chapter 4 of Part 2 of CTA 2009).
(7) In sub-paragraph (2) “ group ” means a group for the purposes of—
(a)the provisions mentioned in paragraph 4(3), or
(b) the provisions of US GAAP mentioned in paragraph 4(6)(a)(iii). ]
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