BKLM315140 - Chargeable equity and liabilites: relevant entities and groups: meaning of chargeable UK resident entity

Paragraph 15C of Schedule 19

The Bank Levy also applies to the UK-based equity and liabilities of each “chargeable UK resident entity” which means:

• a UK resident entity which is a member of the relevant group (see BKLM222000), but is not a member of a UK sub-group (see BKLM315130); and
• if the relevant group is a relevant non-banking group (see BKLM241000), is a banking entity

For this purpose, an entity is a banking entity if it is:

• a UK resident bank, or
• a subsidiary of a UK resident bank.

The term “subsidiary” here takes its meaning from IAS.