# Finance Act 2011, Paragraph 7

Extent: E+W+S+N.I.

(1) Paragraph 6(2) applies subject to this paragraph if some or all of the chargeable period falls before 1 January 2021.
(2) For Step 7 there is substituted—
“ Step 7 Determine the proportion (“P%”) (if any) of the chargeable period which falls within each of the periods (“rate periods”) specified in column 1 of the following table. In relation to each rate period—
(a) charge P% of the amount of the long term chargeable equity and liabilities at the rate specified, in relation to the rate period concerned, in the second column of the table, and
(b) charge P% of the amount of the short term chargeable liabilities at the rate specified, in relation to the rate period concerned, in the third column of the table.
Add together the results for each rate period in which some or all of the chargeable period falls to give the amount of the bank levy.
Rate period
Rate for long term chargeable equity and liabilities
Rate for short term chargeable liabilities
1 January 2011 to 28 February 2011
0.025%
0.05%
1 March 2011 to 30 April 2011
0.05%
0.1%
1 May 2011 to 31 December 2011
0.0375%
0.075%
1 January 2012 to 31 December 2012
0.044%
0.088%
Any time on or after1 January 2014 to 31 March 2015
0.065%
0.130%
1 April 2015 to 31 December 2015
0.105%
0.21%
1 January 2016 to 31 December 2016
0.09%
0.18%
1 January 2017 to 31 December 2017
0.085%
0.17%
1 January 2018 to 31 December 2018
0.08%
0.16%
1 January 2019 to 31 December 2019
0.075%
0.15%
1 January 2020 to 31 December 2020
0.07%
0.14%
Any time on or after 1 January 2021
0.05%
0.1%
”
(3) If the chargeable period starts before 1 January 2011, for the purposes of Step 6 and Step 7 (as substituted by sub-paragraph (2)) the part of the period falling before 1 January 2011 is ignored and, accordingly, the period is treated as having started on 1 January 2011.

---
Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.