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29 November 2011
Categories: Legislation
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Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011 (SI 2011/Draft)

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Amends the Finance Act 2011, Sch 19 which makes provision for netting in relation to the bank levy.
Legislation Affected
Finance Act 2011 amended

Enabling Power

Finance Act 2011, Sch 19, para 40(1)


Summary

Amends the Finance Act 2011, Sch 19 which makes provision for netting in relation to the bank levy.

Ensures that:

- the provisions apply to cases where the bank or entity either receives securities as collateral (and subsequently sells them) or provides securities as collateral to a counterparty; and

- in the event of the insolvency of either party, the liabilities and assets recognised on the bank or the entity’s balance sheet from these transactions will qualify for netting.

Has effect in relation to chargeable periods ending on or after 1

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