A significant package of changes to the bank levy rules comes into force on 1 January 2021, which will affect almost every bank subject to the levy. The principal changes remove liabilities of non-UK subsidiaries from the bank levy base, with the knock-on consequence that intra-group liabilities owed to those subsidiaries fall into the bank levy charge for the first time. The changes also allow UK banks to elect to remove their non-UK permanent establishments from the bank levy base, update the relief for netting arrangements, and cater for some developments in regulatory capital rules in the last ten years.
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A significant package of changes to the bank levy rules comes into force on 1 January 2021, which will affect almost every bank subject to the levy. The principal changes remove liabilities of non-UK subsidiaries from the bank levy base, with the knock-on consequence that intra-group liabilities owed to those subsidiaries fall into the bank levy charge for the first time. The changes also allow UK banks to elect to remove their non-UK permanent establishments from the bank levy base, update the relief for netting arrangements, and cater for some developments in regulatory capital rules in the last ten years.
If you are not a subscriber, subscribe now to read this content.
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