SCHEDULE 26 The Bank Levy: Miscellaneous Changes
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 26 The Bank Levy: Miscellaneous Changes

Section 120

Introduction

1

Schedule 19 to FA 2011 (the bank levy) is amended in accordance with this Schedule.

High quality liquid assets etc

2

In paragraph 15 (chargeable equity and liabilities of a UK banking group or a building society group)—

(a)     in sub-paragraph (2)(c), for “finally,†substitute “finally (subject to sub-paragraph (6))â€, and

(b)     for sub-paragraph (6) substitute—

“(6)     Where any amount (“Aâ€) within sub-paragraph (2)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.â€

3

In paragraph 17 (chargeable equity and liabilities of foreign banking groups)—

(a)     in sub-paragraph (6)(c), for “finally,†substitute “finally (subject to sub-paragraph (16))â€,

(b)     in sub-paragraph (12)(c), for “finally,†substitute “finally (subject to sub-paragraph (16))â€, and

(c)     for sub-paragraph (16) substitute—

“(16)     Where any amount (“Aâ€) within sub-paragraph (6)(c) or (12)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.â€

4

In paragraph 19 (chargeable equity and liabilities of non-banking groups)—

(a)     in sub-paragraph (6)(c), for “finally,†substitute

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