Regulation 4 Double taxation relief
(1)
Subject to the provisions of these Regulations, an amount of the SRF levy paid in relation to a chargeable period in respect of which the SRF levy is calculated is allowed as a credit to reduce the amount of the bank levy arising in that period.
(2)
The credit under this regulation requires a claim in accordance with regulations 9 and 10.
(3)
The amount of the credit allowed against the bank levy arising in a chargeable period must not exceed the lower of—
(a)
the amount of the bank levy for that period, and
(b)
the amount determined under—
(i)
regulation 5 in cases where condition 1 in regulation 3 is met, and
(ii)
regulation 6 in cases where condition 2 in regulation 3 is met.