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HMRC internal manual

Bank Levy Manual

HM Revenue & Customs
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Powers to change the Schedule

Part 9: Paragraph 81 of Schedule 19

The bank levy complements the regulatory agenda aimed at enhancing financial stability.

Many of the terms or calculations needed under the bank levy are based on regulatory terms or concepts which reflect the complimentary nature and help to ease compliance burdens for relevant groups and entities. The regulatory environment continues to change and as such the Schedule gives the Treasury power to amend the Schedule by way of statutory instrument in the event that any changes are made to the regulatory sources of these terms.

This covers potential changes to the Financial Services and Markets (Regulated Activities) Order 2001 and the FSA Handbook.

The power also provides that appropriate changes can be made to reflect future changes in accounting standards (IAS, UK GAAP or US GAAP).

The power will have limited retrospective effect in that it can have effect in relation to a chargeable period in which the instrument is made.

Should any order be needed on or before 31 December 2011 then the rules make provision for this to apply to a chargeable period ended on or after 1 January 2011.