Part 2 Miscellaneous Amendments
Finance Act 2018 (2018 c 3) | Legislation

Part 2 Miscellaneous Amendments

Introductory

16

Schedule 19 to FA 2011 (the bank levy) is amended as follows.

Joint ventures

17

(1)     In Part 5 (supplementary provision), omit paragraphs 43 and 44 (joint ventures).

(2)     In paragraph 27(2)(b) (determining the amount of a relevant foreign bank's chargeable equity and liabilities: adjustments), omit “and 44â€.

Joint and several liability

18

In paragraph 53 (joint and several liability), after sub-paragraph (2) insert—

“(2A)     But sub-paragraph (2) is subject to paragraph 53A (ring-fenced bodies).â€

19

After paragraph 53, insert—

“53´¡

(1)     This paragraph applies where—

(a)     an entity (the “ring-fenced entityâ€) which is a member of the relevant group is—

(i)     a ring-fenced body, or

(ii)     a member of a ring-fenced body sub-group,

or both, and

(b)     the entity is not the relevant group's responsible member.

(2)     The ring-fenced entity is jointly and severally liable for the bank levy liability of the relevant group's responsible member under paragraph 53(2) only so far as the liability is—

(a)     attributable to the ring-fenced body sub-group of which the ring-fenced entity is a member, or

(b)     if the ring-fenced entity is not a member of a ring-fenced

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