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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: relevant non-banking groups

Paragraph 20 (8)-(14) of Schedule 19

For relevant non-banking groups, for the purposes of netting the ‘entity’ is:

  • a member of a relevant UK banking sub-group,
  • a UK resident bank which is a member of the relevant group but not a member of a relevant UK banking sub-group. So it may either be a member of a UK banking sub-group (parent or subsidiary) that does not prepare consolidated accounts, or a subsidiary of a non-UK resident entity and not itself a parent of any other entity, or
  • any entity other than a UK resident bank which is a member of the relevant group but not a member of the relevant UK banking 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 is not a member of the UK banking sub-group.