Part 2 Charging of Bank Levy
Finance Act 2011 (2011 c 11) | Legislation

Part 2 Charging of Bank Levy

Bank levy to be charged in relation to certain groups of entities

4

(1)     The bank levy is charged if, as at the end of a period of account (“the chargeable periodâ€) of an entity (“the parent entityâ€)—

(a)     the parent entity is a parent and is not a subsidiary of any other entity, and

(b)     the group (“the relevant groupâ€) for which the parent entity is the parent is a group within sub-paragraph (2).

(2)     The groups within this sub-paragraph are—

(a)     a UK banking group,

(b)     a building society group,

(c)     a foreign banking group, or

(d)     a relevant non-banking group.

See Part 3 of this Schedule for the definitions of these groups.

(3)     “Groupâ€, “parent†and “subsidiary†have the meaning given by those provisions of international accounting standards relating to the preparation of consolidated financial statements (whether or not the parent entity prepares financial statements under those standards).

(4)     Accordingly, for the purposes of this Schedule the members of the relevant group are—

(a)     the parent entity, and

(b)     any other entity which, as at the end of the chargeable period, is a member of the

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