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HMRC internal manual

Bank Levy Manual

Chargeable equity and liabilities: relevant foreign banks: attribution of chargeable equity and liabilities to a branch: determining 'B' the assets of the UK branch (step 2): branch not performing KERT functions

Where a branch does not perform the KERT (key entrepreneurial risk taking) functions of creating an asset or managing the risk associated with the asset, the asset will not be attributable to the branch.

Hence, where the branch is instructed by another part of the enterprise to raise or loan money and is told the terms of the transactions and the counterparties, and the associated risk is managed outside the branch, the KERT functions for the transactions, and therefore the asset, will lie outside the branch.

These are matters of fact to be determined on the particular circumstances of the case.