Section 286 — Finance Act 2014: The Code of Practice on Taxation for Banks: “participating” groups or entities

The Code of Practice on Taxation for Banks: “participating” groups or entities 286 1 This section applies for the purposes of section 285.

2 A group or entity becomes a “ participating ” group or entity if, on or after 31 May 2013, it notifies the Commissioners in writing that it is unconditionally committed to complying with the Code.

3 A group or entity ceases to be a “participating” group or entity if it notifies the Commissioners in writing that it is no longer unconditionally committed to complying with the Code.

4 A group or entity which ceases to be a “participating” group or entity in accordance with subsection (3) becomes a “ participating ” group or entity again if it gives a further written notice of the kind mentioned in subsection (2) (subject to what follows).

5 Subsections (6) and (7) apply if a group or entity is named in a report under section 285 under subsection (2) of that section.

6 If the group or entity is a “participating” group or entity immediately before the publication of the report, it ceases to be so on the publication of the report.

7 In any case, the group or entity cannot be a “participating” group or entity after the publication of the report unless and until—

a it gives the Commissioners a further written notice of the kind mentioned in subsection (2),

and b the Commissioners are satisfied that it is unconditionally committed to complying with the Code.