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Bank levy: amended definitions of high quality liquid assets

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HMRC is consulting until 30 June 2016 on the Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations, SI 2016/Draft, which amend the definitions of ‘high quality liquid assets’ and ‘high quality securities’ for the purposes of the bank levy. The regulations are expected to take effect from 1 October 2016.

The amendment is required as a consequence of changes made to the Prudential Regulation Authority’s definition of liquid assets in October 2015, to introduce the new liquidity coverage ratios for banks under Capital Requirements Directive IV. There is no change to existing policy by updating this definition. HMRC consulted on an outline of the changes between December 2015 and March 2016.

Issue: 1311
Categories: News