BKLM315130 | Chargeable equity and liabilities: relevant entities and groups: Meaning of UK sub-group

Paragraph 15B of Schedule 19

The Bank Levy applies to the UK-based equity and liabilities of each UK sub-group. A group of entities are a “UK sub-group” where the following conditions are met:

• The entities are a group for the purposes of IAS.

• The parent or parent undertaking of that group for the purposes of IAS is either a UK resident bank in the case of a relevant non-banking group (see BKLM241000), or a UK resident entity in any other case

• all the entities are members of the relevant group (see BKLM222000) for the purpose of IAS

• Consolidated financial statements for the chargeable period are prepared in respect of the group of entities under IAS; and

• The members of the group are not members of any larger group of entities that meet the above conditions.