Paragraph 15Z5 F1

(1)

If a relevant equity and liabilities amount is less than £50 million, that amount may be ignored for the purposes of determining the chargeable equity and liabilities of the relevant group under paragraph 15.

(2)

But the total amount which may be ignored under sub-paragraph (1) may not exceed £200 million.

(3)

In sub-paragraph (1), “relevant equity and liabilities amount” means—

(a)

in the case of a chargeable UK resident entity, the amount of the equity and liabilities, as at the end of the chargeable period, of the entity,

(b)

in the case of a UK sub-group to which paragraph 15J applies, the amount of the equity and liabilities, as at the end of the chargeable period, of the UK sub-group,

(c)

in the case of a UK sub-group to which paragraph 15K applies, the total amount of—

(i)

the equity and liabilities of the residual UK sub-group, and

(ii)

the equity and liabilities of each designated FPE entity,

as at the end of the chargeable period,

(d)

in the case of a UK sub-group to which paragraph 15L applies, the total amount of the equity and liabilities, as at the end of the chargeable period, of each UK resident entity (whether or not a designated FPE entity) which is a member of the UK sub-group, or

(e)

in the case of a relevant foreign bank which is a member of the relevant group, the amount of the UK allocated equity and liabilities, as at the end of the chargeable period.

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