{
  "url": "https://openlegislation.uk/bank-levy-double-taxation-arrangements-netherlands-regulations-2015/note",
  "json_url": "https://openlegislation.uk/bank-levy-double-taxation-arrangements-netherlands-regulations-2015/note.json",
  "legislation": "uksi/2015/344",
  "legislation_title": "The Bank Levy (Double Taxation Arrangements) (Netherlands) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/bank-levy-double-taxation-arrangements-netherlands-regulations-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make provision in relation to relief from double taxation in relation to the bank levy and any tax imposed by the Kingdom of the Netherlands which corresponds to the bank levy (“the Netherlands bank tax”).\nRegulation 1 provides for citation, commencement and effect. Authority for the retrospective effect of the Regulations is provided by paragraphs 66(5), (8) and (9A) of Schedule 19 to the Finance Act 2011. Section 66(5) permits arrangements for relief from double taxation in relation to the bank levy and any equivalent foreign levy to have retrospective effect. These Regulations make provision in relation to such relief provided by the Convention between the Kingdom of the Netherlands and the United Kingdom of Great Britain and Northern Ireland for the avoidance of double charging of bank levies (“the Convention”) which enters into force on the day of exchange of instruments of ratification and has effect from 1st January 2011. The date of entry into force of the arrangements will, in due course, be published in the London, Edinburgh and BelfastGazettes.\nRegulation 2 defines terms used in the Regulations.\nRegulation 3 provides that the Regulations apply where the bank levy and the Netherlands bank tax are charged in relation to the relevant group which is a foreign banking group or a relevant non-banking group, or the relevant entity which is a relevant foreign bank.\nRegulation 4 provides that an amount of the Netherlands bank tax in relation to a chargeable period is allowed as a credit to reduce the amount of the bank levy (but not to below nil) for that period.\nRegulation 5 sets out how to calculate the amount of Netherlands bank tax allowable as a credit against the bank levy. This calculation is based on the taxable base and the UK taxable base of the relevant group or relevant entity.\nRegulation 6 sets out how to determine the UK taxable base of the relevant group or relevant entity.\nRegulation 7 provides for the exchange rate to translate the amount of the Netherlands bank tax into its sterling equivalent.\nRegulation 8 provides for the time limits for making a claim for a credit under regulation 4.\nRegulation 9 provides that where the bank levy is charged in relation to the relevant group a claim for credit must be made by the responsible member.\nRegulation 10 makes provision to restrict the credit in the case of groups where the parent entity is not resident in the Netherlands. The credit is only available to reduce the amount of the bank levy charged in respect of chargeable equity and liabilities of members of the group held by a resident in the Netherlands.\nRegulation 11 provides for a reduction in the credit if a payment is made in respect of a credit for the Netherlands bank tax.\nRegulation 12 makes provision for priority of credits where credits are allowed in relation to equivalent foreign levies imposed by the law of two or more foreign territories under these Regulations or under these Regulations and any Regulations made under paragraph 66 or 67 of Schedule 19 to the Finance Act 2011.\nRegulation 13 makes provision in relation to a claim or assessment made in consequence of an adjustment of the bank levy or the Netherlands bank tax.\nRegulation 14 makes provision for a notice to be given where in consequence of an adjustment of the bank levy or the Netherlands bank tax the credit given under regulation 4 has become excessive.\nRegulations 15 and 16 make provision about cases taxed otherwise than under the Convention.\nA Tax Information and Impact Note covering this instrument was published on 23rd March 2011 alongside draft legislation for the Bank Levy and is available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/344/note",
    "retrieved_at": "2026-10-28T23:46:43.212085+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}