Paragraph 15O F1

(1)

This paragraph applies if—

(a)

the bank levy is charged as provided for by paragraph 4 (groups), and

(b)

the members of a UK sub-group which are UK resident entities are also members of at least one larger unconsolidated sub-group.

(2)

A group of entities is an “unconsolidated sub-group” if—

(a)

the conditions in paragraph 15B(a) to (c) and (e) are met in respect of the group, but

(b)

the condition in paragraph 15B(d) (consolidated financial statements) is not met in respect of the group.

(3)

Any equity of the UK resident entities which are members of the UK sub-group is to be left out so far as it would have been eliminated under normal consolidation procedures, had consolidated financial statements for the larger or largest unconsolidated sub-group been prepared for the chargeable period under international accounting standards.

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