SCHEDULES
SCHEDULE 26The bank levy: miscellaneous changes
Certain liabilities deemed short term liabilities
11
1
After paragraph 76 insert—
76A
1
Liabilities under derivative contracts are never “long term” (and are therefore always short term).
2
In this paragraph “derivative contract” has the meaning given by international accounting standards.
2
In paragraph 75 (liabilities not required to be repaid within 12 months etc are long term liabilities), after sub-paragraph (2) insert—
3
This paragraph is subject to paragraph 76A.
3
In paragraph 77 (which relates to the calculation of “UK allocated equity and liabilities”), for “76” substitute “
76A
”
.
4
The amendments made by this paragraph have effect for chargeable periods ending on or after 1 January 2015.