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Bank Levy

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The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations, SI 2016/874, amend the definitions of ‘high quality liquid assets’ and ‘high quality securities’ for the purposes of the bank levy, with effect from 1 October 2016. The changes have been made to reflect the definitions used in the Prudential Regulation Authority’s new liquidity coverage requirements since October 2015. HMRC consulted on the changes and on a draft of the regulations during 2016.

Issue: 1322
Categories: News