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Finance Act 2012

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This is the original version (as it was originally enacted).

Rates from 2013

This section has no associated Explanatory Notes

6(1)In paragraph 7 (special provision for chargeable periods falling wholly or partly before 1 January 2012) for sub-paragraphs (1) and (2) substitute—

(1)Paragraph 6(2) applies subject to this paragraph if some or all of the chargeable period falls before 1 January 2013.

(2)For Step 7 there is substituted—

  • Step 7

    Determine the proportion (“P%”) (if any) of the chargeable period which falls within each of the periods (“rate periods”) specified in column 1 of the following table.

    In relation to each rate period—

    (a)

    charge P% of the amount of the long term chargeable equity and liabilities at the rate specified, in relation to the rate period concerned, in the second column of the table, and

    (b)

    charge P% of the amount of the short term chargeable liabilities at the rate specified, in relation to the rate period concerned, in the third column of the table.

    Add together the results for each rate period in which some or all of the chargeable period falls to give the amount of the bank levy.

    Rate periodRate for long term chargeable equity and liabilitiesRate for short term chargeable liabilities
    1 January 2011 to 28 February 20110.025%0.05%
    1 March 2011 to 30 April 20110.05%0.1%
    1 May 2011 to 31 December 20110.0375%0.075%
    1 January 2012 to 31 December 20120.044%0.088%
    Any time on or after 1 January 20130.0525%0.105%

(2)Accordingly, in the italic heading immediately before that paragraph for “2012” substitute “2013”.

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