{
  "url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15U",
  "json_url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-15U.json",
  "legislation": "ukpga/2011/11",
  "legislation_title": "Finance Act 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011",
  "path": "schedule/19/paragraph/15U",
  "kind": "paragraph",
  "number": "15U",
  "heading": null,
  "text": "(1) The amount of M’s net settlement liabilities is to be reduced (but not below nil) by the amount of M’s net settlement assets.\n(2) “M’s net settlement liabilities” means M’s liabilities so far as they—\n(a) are covered by the provision mentioned in paragraph 15S(1)(d) or 15T(1)(e), and\n(b) are not excluded liabilities.\n(3) “M’s net settlement assets” means the assets of—\n(a) M, or\n(b) in a case within paragraph 15S, another member of the relevant group,\nso far as corresponding to N’s net settlement liabilities.\n(4) But, in a case within paragraph 15S—\n(a) if N’s net settlement liabilities include liabilities of a relevant foreign bank which is a member of the relevant group, X% (as determined at Step 2 in paragraph 24(1)) of the assets corresponding to the liabilities of the relevant foreign bank are to be disregarded for the purposes of sub-paragraph (3), and\n(b) if sub-paragraph (1) applies in relation to more than one entity within paragraph 15S(5), no part of an asset may be included in the net settlement assets of more than one such entity, and\n(c) if an asset, or part of an asset, is included for the purposes of paragraph 27D in the net settlement assets of a relevant foreign bank which is a member of the relevant group, the asset (or part) is not to be included in M’s net settlement assets for the purposes of this paragraph.\n(5) “N’s net settlement liabilities” means N’s liabilities so far as they are covered by the provision mentioned in paragraph 15S(1)(d) or 15T(1)(e).\n(6) If M’s net settlement liabilities exceed M’s net settlement assets, and a proportion (A%) of those liabilities is long term liabilities and a proportion (B%) of those liabilities is short term liabilities, under sub-paragraph (1)—\n(a) the long term liabilities are reduced by A% of M’s net settlement assets, and\n(b) the short term liabilities are reduced by B% of those assets.",
  "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/15U",
    "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."
}