BKLM331050 | Chargeable equity and liabilities: excluded equity and liabilities: design of the bank levy

Paragraphs 28-39 of Schedule 19

The design of the bank levy is based on the proposal in the International Monetary Fund Report to the G20 published on 5 June 2010, ‘A Fair and Substantial Contribution by the Financial Sector’, for a broad balance sheet based charge designed to encourage banks to move to more stable, long term and less risky sources of funding.

The bank levy is based on total equity and liabilities as reported in the relevant accounts, however there are certain exclusions allowed from the base (see BKLM330000).