BKLM452000 - Collection and management: returning the bank levy: financial statements required as part of the return

Paragraph 3A of Schedule 18, Finance Act 1998

Paragraph 3A(1) provides that HMRC may publish requirements as to the financial information, accounts, statements and reports required to be delivered by the responsible member of a group or the banking or building society entity (where it is not part of a group) in support of its return of the bank levy. The information is to be submitted, to the extent that it is not already provided, as part of the responsible member or entity’s company tax return.

The items that are required are as follows:

• where it is a member of a UK banking group: the global group consolidated balance sheet for the period
• where it is a member of a UK sub-group of a foreign banking group that produces a consolidated balance sheet at UK level and there are no UK businesses outside that consolidation: those consolidated accounts for the period
• for UK subsidiaries and branches of foreign banking groups not covered by the above bullet: balance sheets for each of the Type A, B, C and D chargeable equity and liabilities, and a computation of aggregation of those equity and liabilities
• for non-banking groups: a balance sheet for the banking business (bank entity, or where there is a bank parent and subsidiaries, consolidated balance sheet for the bank and its subsidiaries, or where consolidated financial statements are not prepared, balance sheets for the bank parent and all its subsidiaries for the period), and
• in all cases, a computation showing how the bank levy liability is calculated from the figures within the relevant balance sheet (or aggregation computations).