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Regulation 14 Reduction in credit: payment by reference to SRF levy

Original text. Later amendments are not shown.

(1)

Paragraph (2) applies if—

(a)

credit against the bank levy is 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 SRF levy.

(2)

The amount of the credit must be recalculated by repeating steps 3 and 4 in regulation 6, reducing the amount of the SRF levy by reference to the payment referred to in paragraph (1)(b).