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Finance Act 2012

Rates 2013

9.Paragraph 5 increases the bank levy rates from 1 January 2013.

10.Paragraph 6 substitutes sub paragraphs 7(1) and 7(2) of Schedule 19.

11.New paragraph 7(1) provides that new paragraph 7(2) applies if some or all of the chargeable period falls before 1 January 2013.

12.New paragraph 7(2) substitutes a new Step 7, which explains how to calculate the amount of bank levy arising for a chargeable period, where some or all of that period falls before 1 January 2013. Where a number of rates of bank levy may apply during such chargeable periods, paragraph 6(2) inserts into paragraph 17 of Schedule 19 a table setting out the periods (“rate periods”) and rates in force for each rate period that are required to determine the amount of bank levy.

13.Paragraph 7 provides that the rate changes made by paragraphs 5 and 6 come into force on 1 January 2013.

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