Part 1 Chargeable Equity and Liabilities
Finance Act 2018 (2018 c 3) | Legislation

SCHEDULE 9 Bank Levy

Section 33

Part 1 Chargeable Equity and Liabilities

Introductory

1

Part 4 of Schedule 19 to FA 2011 (bank levy: chargeable equity and liabilities) is amended as follows.

Chargeable equity and liabilities: relevant groups and relevant entities

2

For paragraphs 15 to 23 (and the italic heading preceding paragraph 15) substitute—

“Chargeable equity and liabilities: relevant groups

15

(1)     This paragraph applies if the bank levy is charged as provided for by paragraph 4 (groups).

(2)     The amount of the chargeable equity and liabilities of the relevant group is the total of—

(a)     the UK-based equity and liabilities, as at the end of the chargeable period, of—

(i)     each UK sub-group, and

(ii)     each chargeable UK resident entity, and

(b)     if a relevant foreign bank is a member of the relevant group, the UK allocated equity and liabilities of that bank as at the end of the chargeable period (see paragraph 24).

Chargeable equity and liabilities: relevant entities

15A

(1)     This paragraph applies if the bank levy is charged as provided for by paragraph 5 (entities which are not members of groups).

(2)     The amount of the chargeable equity and liabilities

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