Finance Act 2011 (c. 11)

SCHEDULES

SCHEDULE 19 U.K. The bank levy

Part 4 U.K. Chargeable equity and liabilities

[F1 Meaning of “chargeable UK resident entity” U.K.

Textual Amendments

F1 Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2

15C (1) “Chargeable UK resident entity” means a UK resident entity which— U.K.

(a) is a member of the relevant group, but is not a member of a UK sub-group, and

(b) if the relevant group is a relevant non-banking group, is a banking entity.

(2) A UK resident entity is a “banking entity” for the purposes of sub-paragraph (1) if it is—

(a) a UK resident bank, or

(b) a subsidiary of a UK resident bank.

(3) In sub-paragraph (2)(b) “subsidiary” has the meaning given by those provisions of international accounting standards which relate to the preparation of consolidated financial statements.]