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Bank levy: regulations

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The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order, SI 2011/3015, amends the netting provisions for groups.

The bank levy is charged upon a bank or banking group’s chargeable equity and liabilities for a chargeable period. In certain circumstances, the liabilities on a balance sheet may be reduced by netting off asset balances recognised on the balance sheet of a relevant member of the group.