{
  "url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15T",
  "json_url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15T.json",
  "legislation": "ukpga/2011/11",
  "legislation_title": "Finance Act 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011",
  "path": "schedule/19/paragraph/15T",
  "kind": "paragraph",
  "number": "15T",
  "heading": null,
  "text": "(1) Paragraph 15U also applies if—\n(a) the bank levy is charged as provided for by paragraph 5 (entities which are not members of groups),\n(b) the relevant entity (“M”) is a UK resident entity,\n(c) M has liabilities to another entity (“M’s liabilities”),\n(d) M recognises, as assets, amounts due from that other entity (“N”) to M (“N’s liabilities”),\n(e) there is in place an agreement between M and N which makes net settlement provision, and\n(f) that provision is legally effective and enforceable.\n(2) In sub-paragraph (1)(e), “net settlement provision” means provision for there to be a single net settlement—\n(a) if a netting event occurs, or\n(b) at the option of M or N, if a netting event occurs.\n(3) The reference in sub-paragraph (2) to a “single net settlement” is a reference to a single net settlement of—\n(a) all M’s liabilities (so far as covered by the provision mentioned in sub-paragraph (1)(e)), and\n(b) all N’s liabilities (so far as covered by that provision).\n(4) But a provision for there to be single net settlement—\n(a) at the option of M, but not at the option of N, if a netting event occurs, or\n(b) at the option of N, but not at the option of M, if a netting event occurs,\nis not to be treated as a net settlement provision for the purposes of sub-paragraph (1)(e).\n(5) For the purposes of sub-paragraph (1)—\n(a) “agreement” includes an agreement which forms part of a multi-lateral agreement, arrangement or trading facility,\n(b) references to amounts due from N include securities provided by M to N as collateral, but only where M recognises those securities in its balance sheet or statement of financial position, and\n(c) “a netting event occurs”—\n(i) in relation to M, if the insolvency or bankruptcy of M gives rise to the termination of any arrangements under which any liability covered by the provision mentioned in sub-paragraph (1)(e) arises, or\n(ii) in relation to N, if the insolvency or bankruptcy of N gives rise to the termination of any arrangements under which such a liability arises.",
  "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/15T",
    "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."
}