Section 357XB — Corporation Tax Act 2010: Lending and investment

Lending and investment 357XB 1 A trade is an “excluded trade” if it consists of or includes—

a a lending activity, or b a relevant regulated activity.

2 But a trade is not an “excluded trade” by virtue of subsection (1) where it is carried on by an insurance company (within the meaning given by section 65 of FA 2012).

3 In this section “ lending activity ” means—

a lending of money, including consumer credit, mortgage credit, factoring (with or without recourse), and financing of commercial transactions (including forfeiting),

b finance leasing (as lessor),

c issuing and administering means of payment, d provision of guarantees or commitments to provide money, e money transmission services, f provision of alternative finance arrangements, or g other activities carried on in connection with activities falling within any of paragraphs (a) to (f).

4 In this section “ relevant regulated activity ” means an activity which is a regulated activity for the purposes of FISMA 2000 by virtue of any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544)—

a article 5 (accepting deposits),

b article 14 (dealing in investments as principal),

c article 21 (dealing in investments as agent),

d article 25 (arranging deals in investments),

e article 40 (safeguarding and administering investments),

and f article 61 (entering into regulated mortgage contracts).