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.