{
  "url": "https://openlegislation.uk/finance-act-2018/schedule-9/paragraph-4",
  "json_url": "https://openlegislation.uk/finance-act-2018/schedule-9/paragraph-4.json",
  "legislation": "ukpga/2018/3",
  "legislation_title": "Finance Act 2018",
  "legislation_url": "https://openlegislation.uk/finance-act-2018",
  "path": "schedule/9/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": null,
  "text": "(1) Paragraph 25 (UK allocated equity and liabilities: netting) is amended as follows.\n(2) In sub-paragraph (1), in the words before paragraph (a), after “applies” insert “ for the purposes of Steps 1 and 2 in paragraph 24(1) ”.\n(3) In sub-paragraph (1)(c), for the words from “makes provision” to “occurs” substitute “ makes net settlement provision ”.\n(4) After sub-paragraph (1) insert—\n“(1A) In sub-paragraph (1)(c), “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 the bank or N, if a netting event occurs.\n(1B) The reference in sub-paragraph (1A) to a “single net settlement” is a reference to a single net settlement of—\n(a) all the bank's liabilities (so far as covered by the provision mentioned in sub-paragraph (1)(c)), and\n(b) all N's liabilities (so far as covered by that provision).\n(1C) But a provision for there to be single net settlement—\n(a) at the option of the bank, 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 the bank, if a netting event occurs,\nis not to be treated as a net settlement provision for the purposes of sub-paragraph (1)(c).”\n(5) For sub-paragraph (2) substitute—\n“(2) If the UK allocated equity and liabilities of the bank are being determined for the purposes of paragraph 15(2)(b), this paragraph does not apply if N is—\n(a) a UK resident entity which is a member of a UK sub-group,\n(b) a chargeable UK resident entity (see paragraph 15C), or\n(c) another relevant foreign bank which is a member of the relevant group.”\n(6) In sub-paragraph (3)(d), for “ “the netting event occurs”” substitute “ “a netting event occurs” ”.\n(7) Omit sub-paragraph (8).\n(8) Omit sub-paragraph (13).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2018/3/schedule/9/paragraph/4",
    "retrieved_at": "2026-10-29T09:05:08.491687+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."
}