Chapter BKLM154100
Published date | 16 April 2016 |
Record Number | BKLM154100 |
Court | HM Revenue & Customs |
To identify what equity and liabilities of the group or entity should be treated as chargeable equity and liabilities the following should be considered.
For a UK banking group the bank levy is based upon the worldwide group’s chargeable equity and liabilities. Accordingly the starting point for the bank levy will be the equity and liabilities that are reported in the group’s consolidated financial statements (prepared under IAS or UK GAAP) for the chargeable period.
If the group’s consolidated financial statements are not prepared under IAS or UK GAAP, or if no consolidated accounts are prepared at all for the group for a chargeable period, then the equity and liabilities are those that would have been reported had accounts been prepared for the chargeable period under IAS.
When aggregating equity and liabilities (see BKLM340000) of a foreign banking group or relevant non-banking group any equity that would be removed under normal accounting consolidation rules...
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