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Finance Act 2011
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Changes over time for: Paragraph 7
Changes to legislation:
Finance Act 2011, Paragraph 7 is up to date with all changes known to be in force on or before 16 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 23 para. 45(1)(ia) inserted by 2017 c. 10 Sch. 11 para. 6(3)
- Sch. 23 para. 2(1A) inserted by S.I. 2019/397 reg. 2(2) (This amendment not applied to legislation.gvo.uk. Amending Regulations revoked on IP completion day by S.I. 2020/1544, regs. 1, 8; S.I. 2020/1641, reg. 2, Sch.)
- Sch. 23 para. 15A inserted by S.I. 2019/397 reg. 2(3) (This amendment not applied to legislation.gvo.uk. Amending Regulations revoked on IP completion day by S.I. 2020/1544, regs. 1, 8; S.I. 2020/1641, reg. 2, Sch.)
7[F1(1)Paragraph 6(2) applies subject to this paragraph if some or all of the chargeable period falls before [F21 January [F32021]].U.K.
(2)For Step 7 there is substituted—
“Step 7 Determine the proportion (“P%”) (if any) of the chargeable period which falls within each of the periods (“rate periods”) specified in column 1 of the following table. In relation to each rate period—
(a)charge P% of the amount of the long term chargeable equity and liabilities at the rate specified, in relation to the rate period concerned, in the second column of the table, and
(b)charge P% of the amount of the short term chargeable liabilities at the rate specified, in relation to the rate period concerned, in the third column of the table.
Add together the results for each rate period in which some or all of the chargeable period falls to give the amount of the bank levy.
| Rate period | Rate for long term chargeable equity and liabilities | Rate for short term chargeable liabilities |
|---|---|---|
| 1 January 2011 to 28 February 2011 | 0.025% | 0.05% |
| 1 March 2011 to 30 April 2011 | 0.05% | 0.1% |
| 1 May 2011 to 31 December 2011 | 0.0375% | 0.075% |
| 1 January 2012 to 31 December 2012 | 0.044% | 0.088% |
| Any time on or after[F41 January 2014 to 31 March 2015] | [F50.065%] | [F60.130%] |
| [F71 April 2015 to 31 December 2015] | [F80.105%] | [F80.21%] |
| [F91 January 2016 to 31 December 2016] | [F90.09%] | [F90.18%] |
| [F101 January 2017 to 31 December 2017] | [F100.085%] | [F100.17%] |
| [F111 January 2018 to 31 December 2018] | [F110.08%] | [F110.16%] |
| [F121 January 2019 to 31 December 2019 | 0.075% | 0.15%]] |
| [F131 January 2020 to 31 December 2020] | [F130.07%] | [F130.14%] |
| [F14Any time on or after 1 January 2021 | 0.05% | 0.1%”] |
(3)If the chargeable period starts before 1 January 2011, for the purposes of Step 6 and Step 7 (as substituted by sub-paragraph (2)) the part of the period falling before 1 January 2011 is ignored and, accordingly, the period is treated as having started on 1 January 2011.
Textual Amendments
F1 Sch. 19 para. 7(1)(2) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 34 paras. 6(1), 7 (with Sch. 34 para. 12 )
F2Words in Sch. 19 para. 7(1) substituted (1.1.2016) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(2)(a)(3) (with Sch. 2 para. 1(5))
F3Word in Sch. 19 para. 7(1) substituted (1.1.2021) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 6(2)(a)(3)
F4 Words in Sch. 19 para. 7(2) substituted (1.4.2015) by Finance Act 2015 (c. 11) , s. 76(3)(b) (4)
F5 Words in Sch. 19 para. 7(2) added (1.1.2014 retrospective) by Finance Act 2014 (c. 26) , s. 119(3)(c) (5)
F6 Word in Sch. 19 para. 7(2) substituted (1.1.2013 retrospective) by Finance Act 2013 (c. 29) , s. 202(3)(b) (5) (with s. 202(6)-(13) )
F7Words in Sch. 19 para. 7(2) substituted (1.1.2016) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(2)(b)(3) (with Sch. 2 para. 1(5))
F8 Words in Sch. 19 para. 7(2) added (1.4.2015) by Finance Act 2015 (c. 11) , s. 76(3)(c) (4)
F9Words in Sch. 19 para. 7(2) added (1.1.2016) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(2)(c)(3) (with Sch. 2 para. 1(5))
F10Words in Sch. 19 para. 7(2) added (1.1.2017) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 2(2)(b)(3)
F11Words in Sch. 19 para. 7 added (1.1.2018) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 3(2)(b)(3)
F12Words in Sch. 19 para. 7 added (1.1.2019) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 4(2)(b)(3)
F13Words in Sch. 19 para. 7 added (1.1.2020) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 5(2)(b)(3)
F14Words in Sch. 19 para. 7 inserted (1.1.2021) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 6(2)(b)(3)
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