Finance Act 2011

54 (1) This paragraph applies where the bank levy is charged as provided for by paragraph 4. U.K.

(2) In this paragraph and paragraph 55 “ chargeable member ” means a member of the relevant group within paragraph 53(3).

(3) The relevant group's responsible member is the entity (“E”) in relation to which the following requirements are met—

(a) E is a chargeable member of the relevant group,

(b) E has an accounting period for corporation tax purposes which is the same as the chargeable period,

(c) during the chargeable period but no later than 45 days after it started, the parent entity, or another entity acting on behalf of the parent entity, nominated E to HMRC to be the responsible member, and

(d) HMRC did not reject E's nomination.

See paragraph 55 for further provision about nominations.

(4) If—

(a) no entity meets the requirements in sub-paragraph (3) and the relevant group is a UK banking group or a building society group, and

(b) the parent entity is a chargeable member of the relevant group,

the responsible member is the parent entity.

(5) If no entity meets the requirements in sub-paragraph (3) and the relevant group is a foreign banking group or a relevant non-banking group, the responsible member is the entity in relation to which the following requirements are met—

(a) it is a chargeable member of the relevant group,

(b) it has an accounting period for corporation tax purposes which is the same as the chargeable period, and

(c) it is—

(i) the relevant member with the largest amount of chargeable equity and liabilities, or

(ii) if the relevant member with the largest amount of chargeable equity and liabilities is a relevant UK sub-group or a relevant UK banking sub-group (as the case may be), the entity which is the parent or parent undertaking for that sub-group.

(6) In sub-paragraph (5)(c) “relevant member”—

(a) has the same meaning as in paragraph 18 or 20 (as the case may be), and

(b) includes a relevant foreign bank covered by paragraph 17(17) or 19(17) (as the case may be).

(7) If no entity meets the requirements of sub-paragraph (3) or sub-paragraph (4) or (5) (as the case may be), the responsible member is the member of the relevant group determined by HMRC within the period of 30 days after the end of the chargeable period.

(8) HMRC must give written notice of a determination under sub-paragraph (7) to the member concerned within that period.

(9) HMRC cannot determine as the responsible member under sub-paragraph (7)—

(a) an entity within paragraph 53(6)(a) or (b), or

(b) an entity of a kind prescribed by an order under paragraph 53(6)(c).

(10) In relation to chargeable periods arising by virtue of paragraph 41 (chargeable periods: entities which do not prepare financial statements), the Treasury may by order modify the time limit applying to determinations under sub-paragraph (7) (including determinations in cases to which paragraph 65(3) applies).

(11) An order under sub-paragraph (10) may amend paragraphs 41 to 44 of Schedule 18 to FA 1998 (discovery assessments and determinations) in relation to any bank levy charged by virtue of paragraph 41 of this Schedule.

(12) Orders under sub-paragraph (10) are to be made by statutory instrument.

(13) A statutory instrument containing an order under sub-paragraph (10) is subject to annulment in pursuance of a resolution of the House of Commons.

(14) An order under sub-paragraph (10) may have retrospective effect in relation to—

(a) any chargeable period in which the order is made, or

(b) in the case of an order made on or before 31 December 2011, any chargeable period ending on or after 1 January 2011.