Section 113 | Increases to rates of levy

(1)In section 54 of FA 2022 (charge to the levy)—

(a)in subsection (1)(b), for the words from “is” to the end substitute “is in any of the bands set out in section 55”, and

(b)in subsection (2)—

(i)in paragraph (a), for “medium” substitute “in band A” and for “£10,000” substitute “£10,200”,

(ii)in paragraph (b), for “large” substitute “in band B”,

(iii)after paragraph (b) insert—

(ba)in the case of a person whose UK revenue for the financial year is in band C, £500,000;

, and

(iv)in paragraph (c), for “very large” substitute “in band D” and for “£500,000” substitute “£1million”.

(2)In section 55 of FA 2022 (UK revenue: amount), in subsection (1)—

(a)in paragraph (a), for “medium” substitute “in band A”,

(b)in paragraph (b), for “large” substitute “in band B” and for “£1billion” substitute “£500 million”,

(c)after paragraph (b) insert—

(ba)is in band C for a financial year if the person’s UK revenue for the relevant accounting period is more than £500 million but not more than £1 billion;

, and

(d)in paragraph (c), for “very large” substitute “in band D”.

(3)In consequence of the amendments made by the preceding subsections, in section 189 of the Economic Crime and Corporate Transparency Act 2023, in subsections (3)(b)(ii) and (11) (which operate by reference to provisions amended by this section), for “large or very large” substitute “in any of bands B to D”.

(4)The amendments made by this section have effect for the financial year beginning with April 2026 and subsequent financial years.