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Chapter BKLM323050

Document Cited in Related
Vincent
Published date16 April 2016
Record NumberBKLM323050
CourtHM Revenue & Customs
IssuerHM Revenue & Customs
Paragraph 19 of Schedule 19

The bank levy also applies to non-banking groups that have within their UK operations a bank or banking sub-group. In these groups the bank levy is only chargeable on the sum of the chargeable equity and liabilities of any banking operations (UK resident banks, relevant foreign banks and banking sub-groups) that form part of a non-banking group.

The non-banking group can be a UK headed group or a foreign headed group. This means that the banking activities of the group may take place within entities in a UK sub-group, through UK subsidiaries or through a permanent establishment (a branch) of a foreign company, or through a mix of these entities. The UK bank subsidiaries may in turn hold other subsidiaries (with either banking or non-banking activities) which may be in the UK or may be abroad and the equity and liabilities of these entities will also fall within the bank levy charge.

The process for determining the chargeable equity and liabilities of a relevant...

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