SCHEDULES
SCHEDULE 9Bank levy
PART 1Chargeable equity and liabilities
6Definition of “UK allocated equity and liabilities”
1
Paragraph 27 (UK allocated equity and liabilities: determining the amount of the foreign bank’s chargeable equity and liabilities) is amended in accordance with this paragraph.
2
In sub-paragraph (2)—
a
in the words before paragraph (a), for “chargeable equity and liabilities” substitute “adjusted equity and liabilities”,
b
in paragraph (b), for “paragraphs 25(8)” substitute “paragraph 27D(1)”, and
c
in paragraph (c), for sub-paragraph (i) (but not the “and” following it) substitute—
i
the amount of the entity’s high quality liquid assets as at the end of that period, other than—
a
any asset which for the purposes of an adjustment under paragraph (b) is an asset to which paragraph 27D(1) applies;
3
In sub-paragraph (3), for paragraph (b) (but not the “and” following it) substitute—
b
that financial asset is not an asset which—
i
for the purposes of an adjustment under sub-paragraph (2)(b), is an asset to which paragraph 27D(1) applies, or
4
In sub-paragraph (5), in the words before paragraph (a), for “paragraph 17(7) or 19(17)” substitute “paragraph 15(2)(b)”.
5
In sub-paragraph (5), for paragraphs (a) and (b) substitute—
a
UK connected liabilities to a chargeable UK resident entity which is a member of the relevant group,
b
UK connected liabilities to a UK sub-group of the relevant group, and
c
UK connected liabilities to any other relevant foreign bank which is a member of the relevant group.