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