Part 3: Banking Section 18: Banking companies: expenses relating to compensation Details of the section Section 133M
New section 133M sets out how the legislation applies to firms which have corporate partners.
	Subsection (1) provides that the section applies for the purposes of calculating the firm's profits in line with section 1259, where the firm has a corporate partner.
	Subsection (2) provides that new section 133A disallows the expenses of a firm for these purposes in the same way as it does for a company.
	Subsection (3) provides that s133A is, for the purposes of the subsection (2), to be read subject to subsections (4) to (6).
	Subsection (4) disregards new section 133A(3)(b).
	Subsection (5) provides that firms with a corporate partner have relevant conduct where the corporate partner is a banking company and the firm is not excluded within the meaning of new section 133F.
	Subsection (6) provides that for firms with a corporate partner, the disclosure condition may be met either in respect of documents of the firm or of the corporate partner.
	Subsection (7) ensures that the provisions of new section 133B, which give the percentage uplift to reflect administrative and other handling costs of compensation, apply to firms with a corporate partner as they do to companies.