Regulation 3A Large and very large companies: bank levyF1

(1)

This regulation applies where a company is a relevant entity or a responsible member.

(2)

Subject to paragraphs (4) to (7), a company is a very large company by virtue of this regulation in respect of an accounting period if its profits in that period exceed £20 million.

(3)

A company which is not a very large company in respect of an accounting period by virtue of paragraph (2) is a large company in respect of that period.

(4)

A company is not in respect of an accounting period a very large company by virtue of paragraph (2) if its total liability for the period does not exceed £10,000 (or such amount as applies by virtue of paragraph (7)).

(5)

Where in an accounting period a company has one or more F2associated companies, whether the company is (or is not) a very large company by virtue of this regulation in respect of that period is to be determined by substituting in paragraph (2) “£20 million/1+N” for “£20 million”.

(6)

The amount of “£20 million/1+N” in paragraph (5) is subject to paragraph (7).

(7)

Where an accounting period is a period of less than 12 months, whether a company is (or is not) a very large company in respect of that period by virtue of this regulation is to be determined by making a proportionate reduction to the following amounts—

(a)

£20 million in paragraph (2) or £20 million/1+N in that paragraph where paragraph (5) applies; and

(b)

£10,000 in paragraph (4).

(8)

For the purposes of this regulation—

(a)

“N” has the same meaning as it has for the purposes of regulation 3; and

(b)

“total liability” excludes any amount of bank levy payable.

Annotations

Textual amendments

F1: Regs. 3, 3A substituted for reg. 3 (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 4 (with reg. 1(2))
F2: Word in reg. 3A substituted (with effect in accordance with Sch. 1 para. 33 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 13(3)