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Finance Act 2011
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Changes over time for: Paragraph 7
Version Superseded: 01/04/2015
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Point in time view as at 01/08/2014.
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Finance Act 2011, Paragraph 7 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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7[F1(1)Paragraph 6(2) applies subject to this paragraph if some or all of the chargeable period falls before 1 January [F22014].U.K.
(2)For Step 7 there is substituted—
“Step 7 Determine the proportion (“P%”) (if any) of the chargeable period which falls within each of the periods (“rate periods”) specified in column 1 of the following table. In relation to each rate period—
(a)charge P% of the amount of the long term chargeable equity and liabilities at the rate specified, in relation to the rate period concerned, in the second column of the table, and
(b)charge P% of the amount of the short term chargeable liabilities at the rate specified, in relation to the rate period concerned, in the third column of the table.
Add together the results for each rate period in which some or all of the chargeable period falls to give the amount of the bank levy.
| Rate period | Rate for long term chargeable equity and liabilities | Rate for short term chargeable liabilities |
|---|---|---|
| 1 January 2011 to 28 February 2011 | 0.025% | 0.05% |
| 1 March 2011 to 30 April 2011 | 0.05% | 0.1% |
| 1 May 2011 to 31 December 2011 | 0.0375% | 0.075% |
| 1 January 2012 to 31 December 2012 | 0.044% | 0.088% |
| Any time on or after[F31 January 2013 to 31 December 2013] | [F40.065%] | [F50.130%”]] |
(3)If the chargeable period starts before 1 January 2011, for the purposes of Step 6 and Step 7 (as substituted by sub-paragraph (2)) the part of the period falling before 1 January 2011 is ignored and, accordingly, the period is treated as having started on 1 January 2011.
Textual Amendments
F1 Sch. 19 para. 7(1)(2) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 34 paras. 6(1), 7 (with Sch. 34 para. 12 )
F2 Word in Sch. 19 para. 7(1) substituted (1.1.2014) by Finance Act 2013 (c. 29) , s. 203(4) (8)
F3 Words in Sch. 19 para. 7(2) substituted (1.1.2014) by Finance Act 2013 (c. 29) , s. 203(5)(a) (8)
F4 Word in Sch. 19 para. 7(2) substituted (1.1.2013 retrospective) by Finance Act 2013 (c. 29) , s. 202(3)(a) (5) (with s. 202(6)-(13) )
F5 Word in Sch. 19 para. 7(2) substituted (1.1.2013 retrospective) by Finance Act 2013 (c. 29) , s. 202(3)(b) (5) (with s. 202(6)-(13) )
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