Introduction Details of the Schedule
2.Subsection (1) provides that the section amends Schedule 19 to Finance Act 2011.
3.Subsection (2) increases the bank levy rates from 1 April 2015. The rate applying to chargeable equity and long term chargeable liabilities is increased from 0.078% to 0.105% and the rate for short term chargeable liabilities is increased from 0.156% to 0.21%.
4.Subsection (3) introduces into the table of rates at paragraph 7(2) and the new bank levy rates for the period 1 April 2015 onwards.
5.Subsection (4) provides that the new rate changes made by subsections (2) to (3) are treated as having come into force on 1 April 2015.
6.Subsections (5) to (11) provide transitional provisions for collecting the additional amounts of bank levy that arise from the introduction of the new rates. Where an instalment payment in respect of a chargeable period ending on or after 1 April 2015 is due before 1 April 2015, the first instalment for the same chargeable period due after 1 April 2015 is increased by the adjustment amount. The adjustment amount is the difference between what was actually paid in the pre-1 April 2015 instalment and what would have been due if the post 1 April 2015 rates had been applied. If there is no instalment for the same chargeable period due after 1 April 2015 then a further instalment, equal to the adjustment amount, becomes due on 30 April 2015.
7.Subsection (12) provides definitions of terms used in this section.