# Bank of England Act 1998, Paragraph 5: Liability to pay the levy


(1) The amount of the levy that an eligible institution is liable to pay in respect of a levy year is to be determined by the Bank in accordance with regulations made by the Treasury.
(2) Regulations under sub-paragraph (1) may—
(a) make provision by reference to the Bank’s anticipated levy requirement in respect of the levy year (see paragraph 4);
(b) make provision by reference to specified liabilities of an eligible institution;
(c) make provision for cases in which no amount of the levy or a reduced amount of the levy is payable.
(3) Regulations made by virtue of sub-paragraph (2)(b) may include (among other things) provision—
(a) specifying types of liability that may or may not be taken into account for specified purposes;
(b) about how and when liabilities of a specified type are to be taken into account for specified purposes;
(c) about how the amount of a liability of a specified type is to be determined, including specifying times, or periods of time, by reference to which the amount is to be determined;
(d) for an amount of a liability of a specified type to be treated as reduced by the amount of assets of a specified type.
(4) Regulations under sub-paragraph (1) may include provision conferring a discretion on the Bank to determine specified matters (including matters mentioned in sub-paragraph (2)(b) or (3)).
(5) Regulations made by virtue of sub-paragraph (4) may, in particular, confer a discretion—
(a) to determine the method used to determine a matter, and
(b) to determine different methods to be used in relation to different eligible institutions.
(6) In this section, “specified” means specified in the regulations.

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Source: https://www.legislation.gov.uk/ukpga/1998/11/schedule/2ZA/paragraph/5 (the official version)
Page: https://openlegislation.uk/bank-of-england-act-1998/schedule-2ZA/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.