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Paragraph 11

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A trade is a “non-financial trade" if—

(a)

it is conducted on a commercial basis and with a view to the realisation of profits, and

(b)

it does not consist wholly or as to a substantial part in the carrying on of financial activities.

(2)

For this purpose “financial activities” includes—

(a)

banking, or money-lending, carried on by a bank, building society or other person;

(b)

debt-factoring, finance-leasing or hire-purchase financing;

(c)

insurance;

(d)

dealing in shares, securities, currency, debts or other assets of a financial nature; and

(e)

dealing in commodity or financial futures or options.