Article 541 Interest on unpaid leviesI1

for paragraph (3)(a) of regulation 8^f1 (interest on unpaid levies) substitute—

“(a)

the reference banks are the seven largest persons who-

(i)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and;

(iii)

quote a base rate in sterling, and”;

in paragraph (3)(b) of regulation 8, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

paragraph (4)(a) of regulation 8 is revoked;

in paragraph (4)(b) of regulation 8, for “that institution” the first time it appears substitute “a person” and the second time it appears substitute “that person”;

after paragraph (4) of regulation 8 insert—

“(5)

Paragraph (3)(a) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.