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HMRC internal manual

Bank Levy Manual

Collection and management: payment: Corporation Tax paid via quarterly instalments

Regulation 3(1A) of the Corporation Tax (Instalment Payments) Regulations - SI1998/3175

For the purposes of the bank levy the responsible member (see BKLM440000) or the bank or building society entity (where the entity is not part of a group) will be deemed in all cases to be a ‘large company’ for the purposes of SI1998/3175, as amended by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (SI2011/1785).

As a result any bank levy due will be paid under the Corporation Tax instalment payment regime, and will follow the rules for quarterly instalments as set out in the Regulations.

This will mean that the responsible member or the bank or building society entity:

  • will pay the bank levy as part of its normal quarterly instalment payments for the accounting period in question and will be required to submit to HMRC a ‘quantification notice’ on or before the date of the instalment payment (see BKLM462000),


  • payment will fall due at the normal due and payable dates for quarterly instalment payments for the accounting period in question (subject to the anti-avoidance provisions) (BKLM464000), and
  • debit and credit interest will be applied in the normal way if quarterly payments are either made early or late or prove to be in the wrong amounts.

Transitional rules dealt with payments that arose during the first chargeable periods following implementation of the bank levy on 1 January 2011. See BKLM465000.