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[F127A(1)Paragraph 27D applies for the purposes of paragraph 27(2)(b) if—U.K.
(a)the bank levy is charged as provided for by paragraph 4 (groups),
(b)the relevant foreign bank (“B”) has liabilities to another entity (“N”) which is not within sub-paragraph (5) (“B’s liabilities”),
(c)B, or another member of the relevant group, recognises, as assets, amounts (“N’s liabilities”) that are due to any member of the relevant group from N,
(d)there is in place an agreement which makes net settlement provision, and
(e)that provision is legally effective and enforceable.
(2)In sub-paragraph (1)(d), “net settlement provision” means provision for there to be a single net settlement—
(a)if a netting event occurs, or
(b)at the option of B or N, if a netting event occurs.
(3)The reference in sub-paragraph (2) to a “single net settlement” is a reference to a single net settlement of—
(a)all B’s liabilities (so far as covered by the provision mentioned in sub-paragraph (1)(d)), and
(b)all N’s liabilities (so far as covered by that provision).
(4)But a provision for there to be single net settlement—
(a)at the option of B, but not at the option of N, if a netting event occurs, or
(b)at the option of N, but not at the option of B, if a netting event occurs,
is not to be treated as a net settlement provision for the purposes of sub-paragraph (1)(d).
(5)An entity is within this sub-paragraph if it is —
(a)a UK resident entity which is a member of a UK sub-group,
(b)a chargeable UK resident entity, or
(c)another relevant foreign bank which is a member of the relevant group.
(6)For the purposes of sub-paragraph (1)—
(a)“agreement” includes an agreement which forms part of a multi-lateral agreement, arrangement or trading facility,
(b)references to amounts due from N include securities provided by B, or another member of the relevant group, to N as collateral, but only where B or that other member recognises those securities in its balance sheet or statement of financial position, and
(c)“a netting event occurs”—
(i)in relation to B, if the insolvency or bankruptcy of B gives rise to the termination of any arrangements under which any liability covered by the provision mentioned in sub-paragraph (1)(d) arises, or
(ii)in relation to N, if the insolvency or bankruptcy of N gives rise to the termination of any arrangements under which such a liability arises.]
Textual Amendments
F1Sch. 19 paras. 27A-27D inserted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 7
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