Commentary

D7.708 Chargeable entities for bank levy purposes

Corporate tax
Corporate tax | Commentary

D7.708 Chargeable entities for bank levy purposes

Corporate tax | Commentary

D7.708 Chargeable entities for bank levy purposes

It is noteworthy that the legislation imposes a charge on an 'entity', rather than the narrower term 'company'. The definition of entity makes it clear that the term includes a partnership1. Chargeable groups and entities are referred to as 'relevant' groups and entities in the legislation. Although there are legislative changes2 which limit the scope of the bank levy to the UK-based equity and liabilities of relevant groups and relevant entities with effect for chargeable periods ending on or after 1 January 2021, the bank levy will continue to apply to the same four types of groups and the same three types of standalone entities to which the pre-2021 bank levy rules apply. The difference is that there is

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