# Finance Act 2010, Paragraph 48


(1) “Financial trading company” means a company which—
(a) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or
(b) is not within paragraph (a) but carries on a trade consisting wholly or partly in dealing in securities.
(2) “UK resident financial trading company” means a financial trading company which is resident in the United Kingdom.
(3) “Relevant foreign financial trading company” means a company which meets conditions A and B.
(4) Condition A is that the company—
(a) is not resident in the United Kingdom, and
(b) carries on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
(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.
(6) In this paragraph “securities” includes—
(a) shares,
(b) rights of unit holders in unit trust schemes to which TCGA 1992 applies as a result of section 99 of that Act, and
(c) in the case of a company with no share capital, interests in the company possessed by members of the company.

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Source: https://www.legislation.gov.uk/ukpga/2010/13/schedule/1/paragraph/48 (the official version)
Page: https://openlegislation.uk/finance-act-2010/schedule-1/paragraph-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.