# The Bank Levy (Double Taxation Relief) Regulations 2012, Regulation 11: Reduction in credit: payment by reference to equivalent foreign levy


(1) Paragraph (2) applies if—
(a) credit for an equivalent foreign levy is to be allowed to an entity under these Regulations, and
(b) a payment is made by a tax authority to that entity, or to any other person, by reference to the equivalent foreign levy.
(2) The amount of the credit must be recalculated by repeating steps 3 and 4 in regulation 5, reducing the amount of the equivalent foreign levy by reference to the payment referred to in paragraph (1)(b).

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Source: https://www.legislation.gov.uk/uksi/2012/458/regulation/11 (the official version)
Page: https://openlegislation.uk/bank-levy-double-taxation-relief-regulations-2012/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.