There is to be a tax called “the bank levy”.

The bank levy is charged on certain types of equity and liabilities of certain groups of entities and individual entities as set out in Part 2 of this Schedule.

In this Schedule—

• Part 3 contains provision defining the different types of groups of entities in relation to which the bank levy is charged;

• Part 4 contains provision defining the equity and liabilities on which the bank levy is charged;

• Part 5 contains supplementary provision;

• Part 6 deals with the collection and management of the bank levy;

• Part 7 deals with double taxation reliefF1and with the deduction of foreign levies for the purposes of corporation tax and income tax ;

• Part 8 contains definitions;

• Part 9 confers a power to make changes to this Schedule in specified circumstances.