The Bank Levy (Double Taxation Relief) (Single Resolution Fund Levy) Regulations 2016 No. 1212

Action after adjustment of amount payable by way of bank levy or SRF levy

Notice that adjustment has rendered credit excessive

17.—(1) This regulation applies if—

(a) any credit has been allowed under regulation 4(1), and

(b) later, the amount of that credit is reduced under regulation 14, or becomes excessive as a result of an adjustment of the amount of the SRF levy.

(2) The relevant entity or, in the case of the relevant group, the responsible member must give notice that a reduction has been made or that the amount of the credit has become excessive as a result of the making of an adjustment.

(3) Notice under paragraph (2) is to be given—

(a) to an officer of Revenue and Customs, and

(b) within one year from when the reduction or adjustment is made.