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HMRC internal manual

Bank Levy Manual

HM Revenue & Customs
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Anti-avoidance: relevant arrangements that can be ignored when applying the anti-avoidance rule: net settlement arrangements

Paragraph 47(11) of Schedule 19

The bank levy legislation allows relevant entities and relevant groups to reduce their chargeable liabilities by entering into net settlement agreements which meet prescribed requirements - see BKLM350000.

To the extent relevant arrangements include an agreement meeting these requirements, the relevant arrangements will be ignored for the purposes of the anti-avoidance measure.

Other effects of relevant arrangements are not ignored, unless an exception applies - see BKLM641000.