SCHEDULES
SCHEDULE 9Bank levy
PART 1Chargeable equity and liabilities
Definition of “UK allocated equity and liabilities”
6
1
Paragraph 27 (UK allocated equity and liabilities: determining the amount of the foreign bank's chargeable equity and liabilities) is amended in accordance with this paragraph.
2
In sub-paragraph (2)—
a
in the words before paragraph (a), for “chargeable equity and liabilities” substitute “
adjusted equity and liabilities
”
,
b
in paragraph (b), for “paragraphs 25(8)” substitute “
paragraph 27D(1)
”
, and
c
in paragraph (c), for sub-paragraph (i) (but not the “and” following it) substitute—
i
the amount of the entity's high quality liquid assets as at the end of that period, other than—
a
any asset which for the purposes of an adjustment under paragraph (b) is an asset to which paragraph 27D(1) applies;
b
in a case where the bank levy is charged as provided for by paragraph 4 (groups), any asset to which paragraph 15U(1) applies for the purposes of adjusting the amount of the equity and liabilities of another member of the relevant group (see Step 2 in paragraph 15N(1)),
3
In sub-paragraph (3), for paragraph (b) (but not the “and” following it) substitute—
b
that financial asset is not an asset which—
i
for the purposes of an adjustment under sub-paragraph (2)(b), is an asset to which paragraph 27D(1) applies, or
ii
in a case where the bank levy is charged as provided for by paragraph 4 (groups), is an asset to which paragraph 15U(1) applies for the purposes of adjusting the amount of the equity and liabilities of another member of the relevant group under Step 2 in paragraph 15N(1),
4
In sub-paragraph (5), in the words before paragraph (a), for “paragraph 17(7) or 19(17)” substitute “
paragraph 15(2)(b)
”
.
5
In sub-paragraph (5), for paragraphs (a) and (b) substitute—
a
UK connected liabilities to a chargeable UK resident entity which is a member of the relevant group,
b
UK connected liabilities to a UK sub-group of the relevant group, and
c
UK connected liabilities to any other relevant foreign bank which is a member of the relevant group.
6
After sub-paragraph (5) insert—
5A
In sub-paragraph (5), references to “UK connected liabilities” have the same meaning as in paragraph 15R(2) (see paragraph 15R(3) to (5)).