Paragraph 15E F1

(1)

This paragraph applies if—

(a)

the bank levy is charged as provided for by paragraph 5 (entities which are not members of groups), and

(b)

the relevant entity is a UK resident entity which has a foreign permanent establishment.

(2)

The relevant entity may, for the purposes of determining its UK-based equity and liabilities, elect to disregard the non-UK allocated equity and liabilities attributable to any or all of its foreign permanent establishments.

Annotations

Textual amendments

F1: Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2