Paragraph 6(2) applies subject to this paragraph if some or all of the chargeable period falls before 1 January 2012.

For Step 7 there is substituted— “ Step 7 Determine the proportion (“X%”) of the chargeable period (if any) falling in the period from 1 January 2011 to 28 February 2011. Determine the proportion (“Y%”) of the chargeable period (if any) falling in the period from 1 March 2011 to 30 April 2011. Determine the proportion (“Z%”) of the chargeable period (if any) falling in the period from 1 May 2011 to 31 December 2011. Charge X% of the amount of the long term chargeable equity and liabilities at the rate of 0.025%, Y% of that amount at the rate of 0.05%, Z% of that amount at the rate of 0.0375% and the balance (if any) at the rate of 0.039%. Charge X% of the amount of the short term chargeable liabilities at the rate of 0.05%, Y% of that amount at the rate of 0.1%, Z% of that amount at the rate of 0.075% and the balance (if any) at the rate of 0.078%. Add these results together to give the amount of the bank levy. ”

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.