Chapter BKLM740330
| Published date | 16 April 2016 |
| Record Number | BKLM740330 |
Relief can only be given for any relevant Single Resolution Fund levy following a claim. As the amount of bank levy chargeable is returned on the normal company Self Assessment return the normal rules relating to claims under Corporation Tax Self Assessment apply.
The claim must be made by the responsible member of the group or by the relevant entity (see BKLM441000).
The claim is limited to the lesser amount of the UK bank levy (that is the UK bank levy can only be reduced to £nil) or the amount of Single Resolution Fund levy attributable to the balance sheets within the scope of the UK bank levy.
Relief will only be final once the Single Resolution Fund levy has been paid, however as the final Single Resolution Fund payment amount will not be known at the time the bank levy computation is due to be submitted to HMRC provisional relief may be claimed in line with the guidance for loan relationships at INTM167170.
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)
Payments to the Single Resolution FundContributions to the Single Resolution Fund Levy can be both made and calculated in a variety of ways. Different applications will also apply in different member states of the EU.
BRRD components of the Single Resolution Fund LevyContributions to the Single Resolution Fund, over the transitional period to 2024, may also include contributions calculated by reference to contributions to national financing arrangements under Articles 102 and 103 of the Banking Resolution and Recovery Directive (2014/59/EU).
These individual contributions that are calculated by reference to contributions to national financing arrangements are collected by domestic authorities of the member state and then transferred to the Single Resolution Fund, rather than being paid directly by the bank.
Both individual contributions by banks that are calculated by the European Single Resolution Fund and those that are calculated by reference to contributions to national financing arrangements are treated as the individual contributions within Article 69 or 70 of the SRM Regulation (EU) No 806/2014 for the purposes of The Bank Levy (Double Taxation Relief) (Single Resolution Fund Levy) Regulations.
Irrevocable payment commitmentsContributions to the...
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