Paragraph 5 Credit institutions and financial institutionsI1

United Kingdom

The applicable turnover of a credit institution or financial institution shall be limited to the sum of the following income F1items listed in Council Directive (EEC) 86/635^f1 received by F2... that institution F3... after deduction of value added tax and other taxes directly related to those items:

(i)

interest income and similar income;

(ii)

income from securities:

income from shares and other variable yield securities;
income from participating interests;
income from shares in affiliated undertakings;

(iii)

commissions receivable;

(iv)

net profit on financial operations;

(v)

other operating income.

Annotations

Textual amendments

F1: Words in Sch. para. 5 substituted (1.5.2004) by The Competition Act 1998 (Determination of Turnover for Penalties) (Amendment) Order 2004 (S.I. 2004/1259), arts. 1, 2(4)(c)(i)
F2: Words in Sch. para. 5 cease to have effect (1.5.2004) by virtue of The Competition Act 1998 (Determination of Turnover for Penalties) (Amendment) Order 2004 (S.I. 2004/1259), arts. 1, 2(4)(c)(ii)
F3: Words in Sch. para. 5 cease to have effect (1.5.2004) by virtue of The Competition Act 1998 (Determination of Turnover for Penalties) (Amendment) Order 2004 (S.I. 2004/1259), arts. 1, 2(4)(c)(iii)

Commencement

I1: Sch. para. 5 in force at 1.3.2000, see art. 1(1)

Footnotes

f1: OJ No. L372, 31.12.86, p.1.