Finance Act 2011

[F1 Election to disregard non-UK allocated equity and liabilities U.K.

Textual Amendments

F1 Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2

15D (1) This paragraph applies if— U.K.

(a) the bank levy is charged as provided for by paragraph 4 (groups), and

(b) a UK resident entity, which is a member of the relevant group, has a foreign permanent establishment.

(2) For the purposes of this Part of this Schedule, a UK resident entity “has a foreign permanent establishment” if the entity carries on a trade in a territory outside the United Kingdom through a permanent establishment (the “foreign permanent establishment”) in that territory.

(3) The relevant group’s responsible member may, for the purposes of determining the UK-based equity and liabilities of a UK sub-group or a chargeable UK resident entity, elect to disregard the non-UK allocated equity and liabilities attributable to—

(a) any or all of the foreign permanent establishments of any or all of the UK resident entities which are members of the UK sub-group;

(b) any or all of the foreign permanent establishments of the chargeable UK resident entity.

(4) See paragraph 15Z1 for further provision about non-UK allocated equity and liabilities.

15E (1) This paragraph applies if— U.K.

(a) the bank levy is charged as provided for by paragraph 5 (entities which are not members of groups), and

(b) the relevant entity is a UK resident entity which has a foreign permanent establishment.

(2) The relevant entity may, for the purposes of determining its UK-based equity and liabilities, elect to disregard the non-UK allocated equity and liabilities attributable to any or all of its foreign permanent establishments.

15F (1) An election made under paragraph 15D or 15E in respect of a UK resident entity— U.K.

(a) must be made in the form and manner specified by the Commissioners for Her Majesty’s Revenue and Customs,

(b) must contain such information and declarations as the Commissioners may require, and

(c) may be revoked at any time—

(i) in the case of an election under paragraph 15D, by the relevant group’s responsible member;

(ii) in the case of an election under paragraph 15E, by the relevant entity.

(2) In this Schedule, “designated FPE entity” means a UK resident entity in respect of which an election is made under paragraph 15D or 15E.]