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HMRC internal manual

Bank Levy Manual

Chargeable equity and liabilities: excluded equity and liabilities: plant, property and equipment reserves

Paragraph 34 of Schedule 19

Property, plant and equipment can be re-valued in accordance with IAS 16 or FRS 15. The difference between the cost and new valuation may be held within equity as a revaluation reserve. Such reserves do not qualify as Tier 1 capital, and only arise in a limited number of instances where an accounting policy of revaluation is applied to such assets. In such cases, they are excluded from the bank levy base.

‘Property, plant and equipment’ has the meaning given to it by IAS 16.