Paragraph 15P F1

(1)

This paragraph applies if the bank levy is charged as provided for by paragraph 4 (groups).

(2)

Sub-paragraph (3) applies in relation to an entity if—

(a)

it is a chargeable UK resident entity (whether or not a designated FPE entity), and

(b)

it is a member of at least one unconsolidated sub-group (see paragraph 15O(2)).

(3)

Any equity of the entity is to be left out so far as it would have been eliminated under normal consolidation procedures, had consolidated financial statements for the unconsolidated sub-group, or the largest unconsolidated sub-group of which the entity is a member, 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