2U.K.In paragraph 15 (chargeable equity and liabilities of a UK banking group or a building society group)—
(a)in sub-paragraph (2)(c), for “finally,” substitute “ finally (subject to sub-paragraph (6)) ”, and
(b)for sub-paragraph (6) substitute—
“(6)Where any amount (“A”) within sub-paragraph (2)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.”
3U.K.In paragraph 17 (chargeable equity and liabilities of foreign banking groups)—
(a)in sub-paragraph (6)(c), for “finally,” substitute “ finally (subject to sub-paragraph (16)) ”,
(b)in sub-paragraph (12)(c), for “finally,” substitute “ finally (subject to sub-paragraph (16)) ”, and
(c)for sub-paragraph (16) substitute—
“(16)Where any amount (“A”) within sub-paragraph (6)(c) or (12)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.”
4U.K.In paragraph 19 (chargeable equity and liabilities of non-banking groups)—
(a)in sub-paragraph (6)(c), for “finally,” substitute “ finally (subject to sub-paragraph (16)) ”,
(b)in sub-paragraph (12)(c), for “finally,” substitute “ finally (subject to sub-paragraph (16)) ”, and
(c)for sub-paragraph (16) substitute—
“(16)Where an amount (“A”) within sub-paragraph (6)(c) or (12)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.”
5U.K.In paragraph 21 (chargeable equity and liabilities of UK resident banks and building societies which are not members of groups)—
(a)in sub-paragraph (2)(c), for “finally,” substitute “ finally (subject to sub-paragraph (6)) ”, and
(b)for sub-paragraph (6) substitute—
“(6)Where an amount (“A”) within sub-paragraph (2)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.”
6U.K.In paragraph 27 (determination of foreign bank's chargeable equity and liabilities)—
(a)in sub-paragraph (2)(c), for “finally,” substitute “ finally (subject to sub-paragraph (6)) ”, and
(b)for sub-paragraph (6) substitute—
“(6)Where an amount (“A”) within sub-paragraph (2)(c) is used to reduce short term liabilities, the amount of the reduction is determined as if A were an amount equal to half of A.”
7U.K.The amendments made by paragraphs 2 to 6 have effect in relation to chargeable periods ending on or after 1 January 2015.