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HMRC internal manual

Bank Levy Manual

From
HM Revenue & Customs
Updated
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Chargeable equity and liabilities: netting: the entity and the counterparty: foreign banking groups

Paragraph 18 (8)-(14) of Schedule 19

For foreign banking groups, for the purposes of the netting the ‘entity’ is:

  • a member of the relevant UK sub-group
  • a UK resident entity which is a member of the relevant group but not a member of a relevant UK sub-group, or
  • a non-UK resident entity which is a member of the relevant group and a member of a UK sub-group but not a member of a relevant UK sub-group.

The ‘counterparty’ must be neither an entity as described above nor a relevant foreign bank which is a member of the relevant group but not a member of a UK sub-group.