Introduction Summary
1.Section 211 and Schedule 34 make a number of amendments to Schedule 19 to Finance Act 2011.
2.The Schedule amends the rates at which the bank levy is charged from 1 January 2012 onwards.
3.It also makes amendments to paragraphs 43 and 44 of Schedule 19, Finance Act 2011 which deal with joint ventures. The changes to paragraph 43 ensure that joint ventures are treated consistently across different types of banking groups and relevant non banking groups. The changes to paragraph 44 ensure that no double taxation of joint ventures arises under the bank levy.
4.The Schedule also introduces two new provisions that relate to the relief from double taxation for equivalent foreign levies. Paragraphs 66(9A) which ensures that HM Revenue and Customs has the ability to restrict double taxation relief from the day it is given under a double taxation arrangement where excessive relief is given in respect of the equivalent foreign levy of another jurisdiction and paragraph 67A which allows for the exchange of information where an international tax enforcement arrangement has been entered into in respect of the bank levy.