Regulation 3 Substitution of regulation 2

For regulation 2 (interpretation) substitute—

“Interpretation

2.

(1)

In these Regulations—

• “accounting period” shall be construed in accordance with Chapter 2 of Part 2 of CTA 2009^f1;

• “applicable accounting period” means any accounting period for which bank levy is chargeable in respect of the chargeable period determined in accordance with—

  1. (a)

     paragraph 50 of Schedule 19 where bank levy is charged in relation to a relevant group; or

  2. (b)

     paragraph 51 of that Schedule where bank levy is charged in relation to a relevant entity;

• “large company” has the meaning given by regulation 3;

• “Schedule 18” means Schedule 18 to the Finance Act 1998;

• “Schedule 19” means Schedule 19 to the Finance Act 2011^f2;

• “the bank levy” means the tax charged in accordance with Schedule 19;

• “the chargeable period” has the meaning given by paragraph 4 or paragraph 5 of Schedule 19 (as the case may be);

• “the relevant entity” has the meaning given by paragraph 5 of Schedule 19;

• “the relevant group” has the meaning given by paragraph 4 of Schedule 19;

• “the responsible member” has the meaning given by paragraph 54 of Schedule 19;

• “the Management Act” means the Taxes Management Act 1970; and

• “the Taxes Act” means the Income and Corporation Taxes Act 1988.

(2)

References in these Regulations to profits of a company in any accounting period are references to the company’s augmented profits within the meaning given by section 32 of CTA 2010^f3.

(3)

References in these Regulations to the total liability of a company for an accounting period are references to the amount of tax payable for that period by the company as calculated in accordance with paragraph 8(1) of Schedule 18.”.