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HMRC internal manual

Bank Levy Manual

From
HM Revenue & Customs
Updated
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Introduction: structure: steps for determining the amount of the bank levy: step 2

Paragraph 6(2) of Schedule 19

No charge to the bank levy arises on the first £20bn of chargeable equity and liabilities determined under Step 1. As a result, if chargeable equity and liabilities of the relevant group or entity are less than £20bn, no further steps in determining the amount of the bank levy need to be taken.

However if the amount of the chargeable equity and liabilities of the relevant group/entity is more than £20bn then proceed to Step 3 (BKLM154300).