Paragraph 11 Credit institutions and financial institutionsI1

United Kingdom

The applicable turnover of an enterprise which is a credit institution or financial institution shall be limited to the sum of the following income as defined in Council Directive (EEC) 86/635^f1 received by the branch or division of that institution established in the United Kingdom after deduction of value added tax and other taxes directly related to those items:

(a)

interest income and similar income;

(b)

income from securities:

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

(c)

commissions receivable;

(d)

net profit on financial operations;

(e)

other operating income.

Annotations

Commencement

I1: Sch. para. 11 in force at 20.6.2003, see art. 1

Footnotes

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