Limits on credit
Reduction in credit: payment by reference to SRF levy14
1
Paragraph (2) applies if—
a
credit against the bank levy is allowed to an entity under these Regulations, and
b
a payment is made by a tax authority to that entity, or to any other person, by reference to the SRF levy.
2
The amount of the credit must be recalculated by repeating steps 3 and 4 in regulation 6, reducing the amount of the SRF levy by reference to the payment referred to in paragraph (1)(b).