{
  "url": "https://openlegislation.uk/finance-act-2010/schedule-1/paragraph-48",
  "json_url": "https://openlegislation.uk/finance-act-2010/schedule-1/paragraph-48.json",
  "legislation": "ukpga/2010/13",
  "legislation_title": "Finance Act 2010",
  "legislation_url": "https://openlegislation.uk/finance-act-2010",
  "path": "schedule/1/paragraph/48",
  "kind": "paragraph",
  "number": "48",
  "heading": null,
  "text": "(1) “Financial trading company” means a company which—\n(a) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or\n(b) is not within paragraph (a) but carries on a trade consisting wholly or partly in dealing in securities.\n(2) “UK resident financial trading company” means a financial trading company which is resident in the United Kingdom.\n(3) “Relevant foreign financial trading company” means a company which meets conditions A and B.\n(4) Condition A is that the company—\n(a) is not resident in the United Kingdom, and\n(b) carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom.\n(5) Condition B is that, disregarding any activities of the company other than those carried on through that permanent establishment, the company is a financial trading company.\n(6) In this paragraph “securities” includes—\n(a) shares,\n(b) rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and\n(c) in the case of a company with no share capital, interests in the company possessed by members of the company.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/13/schedule/1/paragraph/48",
    "retrieved_at": "2026-10-29T09:10:09.149991+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}