{
  "url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15N",
  "json_url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15N.json",
  "legislation": "ukpga/2011/11",
  "legislation_title": "Finance Act 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011",
  "path": "schedule/19/paragraph/15N",
  "kind": "paragraph",
  "number": "15N",
  "heading": null,
  "text": "(1) To adjust the amount of the equity and liabilities of a chargeable UK sub-group or entity for the purposes of paragraph 15H(2)(b), 15J(3)(b), 15K(4)(a), 15L(3)(b) or Step 3 in paragraph 15Z1, take the following steps—\nStep 1\nTake the amount of the equity and liabilities of the chargeable UK sub-group or entity, other than excluded equity and liabilities, as at the end of the chargeable period.\nStep 2\nAdjust that amount in accordance with paragraphs 15O to 15U (so far as applicable).\nStep 3\nIf paragraph 15X (loss absorbing instruments issued by overseas subsidiaries) applies in relation to the chargeable UK sub-group or entity, reduce the adjusted amount (but not below nil) by the amount determined under that paragraph (subject to sub-paragraph (2)).\nStep 4\nSubject to sub-paragraph (2), reduce the amount given by Step 3 (but not below nil) by—\n(a)the amount of the chargeable UK sub-group or entity’s high quality liquid assets as at the end of that period, other than—\n(i)any asset which, for the purposes of an adjustment at Step 2, is an asset to which paragraph 15U(1) applies;\n(ii)any asset which is taken into account in determining the amount of a reduction under paragraph 15X for the purposes of Step 3;\n(iii)in a case where the bank levy is charged as provided for by paragraph 4 (groups) and a relevant foreign bank is a member of the relevant group, any asset which for the purposes of Step 3 of paragraph 24(1) is an asset to which paragraph 27D(1) applies; and\n(b)if paragraph 15Z (high quality liquid assets) applies, the amount determined under that paragraph.\n(2) Where any amount (“A”) within Step 3, or within paragraph (a) or (b) of Step 4, is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/15N",
    "retrieved_at": "2026-10-29T09:09:31.813616+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}