On 21 October 2010 the Financial Secretary to the Treasury issued a Written Ministerial Statement on the Bank Levy.
Following this statement, HM Revenue & Customs (HMRC) has published draft legislation covering the collection and management of the Bank Levy, along with explanatory notes and an updated technical note.
Follow the links below to view the draft legislation, explanatory notes and technical note. You can also read the Written Ministerial Statement on the HM Treasury website.
HMRC has issued, for informal consultation, draft regulations which set out the provisions for relief of double taxation for groups and entities within the charge to the Bank Levy and the German bank levy, and where Germany is the home state of the entity or group. HMRC would welcome comments on these regulations on or before 10 January 2012.
Draft regulations dealing with Double Taxation Relief, the Bank Levy and the German bank levy
HMRC has published a technical note that sets out details of an amendment that is being made to the operation of the netting provisions contained within the Bank Levy.
Technical note - amendment of netting agreements (PDF 39K)
HMRC has published the final version of the guidance in respect of the Bank Levy. This version of the manual replaces the version which was previously published on 30 December 2010.
This includes a further updated list of foreign deposit protection schemes similar to the Financial Services Compensation Scheme (FSCS).
In order to assist banks in calculating the amount of protected deposits that they hold HMRC has issued a list providing details of foreign deposit protection schemes that, as at 1 October 2011, are comparable to the FSCS.
List of foreign deposit protection schemes comparable to the FSCS (PDF 38K)
Regulations for the collection and management of the Bank Levy have been made and will come into force on 11 August 2011.
Find out how to provide a quantification notice to HMRC
HMRC has issued, for informal consultation, draft regulations which set out the provisions for relief of double taxation for groups and entities that fall within the charge to the Bank Levy and the French bank levy, and where France is the home state of the entity or group. HMRC would welcome comments on these regulations on or before 15 July 2011.
Draft regulations dealing with Double Taxation Relief and the Bank Levy
HMRC has issued, for informal consultation, draft regulations which deal with the collection and management of the Bank Levy. These regulations amend the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175). To accompany the draft regulations - a revised draft Chapter 4 of the Bank Levy Manual has also been published. This supersedes the version of Chapter 4 published on 30 December 2010. HMRC welcomes comments on either of these documents on or before 10 June 2011.
Draft regulations dealing with the collection and management of the Bank Levy
Read the revised draft Chapter 4 of the Bank Levy Manual (PDF 86K)
Under the transitional provisions contained in paragraph 63, part 6 of the draft Bank Levy Schedule (published on 9 December 2010 as part of the consultation draft of Finance Bill 2011) - HMRC invites relevant groups to nominate the entity that they wish to be 'the responsible member' for the purposes of the Bank Levy in respect of chargeable periods commencing before Finance Bill 2011 receives Royal Assent.
The Chancellor has announced that the government has decided, with effect from 1 March 2011, to change the Bank Levy rates for calendar year 2011 from those set out in the draft Finance Bill published on 9 December 2010.
Read the HMRC statement and Chancellor's announcement (PDF 30K)
Updated guidance is now available to accompany the publication of the Finance Bill 2011.
To accompany the publication of Finance Bill 2011, a tax information and impact note is now available. The information contained within this note is current and supersedes the previous draft clauses and explanatory notes issued on 21 October and 24 November. The technical note has also been updated to reflect the changes made. Previous technical notes should be disregarded with effect from 9 December 2010.
Read the tax information and impact note
Updated technical note (PDF 100K)
Draft legislation on the collection and management of the Bank Levy (PDF 132K)
Written ministerial statement and consultation response document (Opens new window)
