Part 3: Banking Section 20: Definitions relating to banks Background note
These changes ensure that the definition of a bank is updated to reflect the current regulatory terms. This measure is a technical change to the wording of the legislation to provide clarity and certainty. There will be no change to the scope or effect of the legislation and the population of banks that fall within the definition of a bank for Schedule 19, FA 2011 and Part 7A CTA 2010 is unchanged. The amendments in relation to bank levy have effect from 1 January 2014 to align with updating of the regulatory terms by the PRA and FCA.