Part 3: Banking Section 16 and Schedule 2: Bank levy rates for 2016 to 2021 Details of the section and Schedule 2
Section 16 refers to the section and summarises what it contains
	Paragraphs 1 to 6 of schedule 2 set the bank levy rate for 2016 to 2021.
	Sub-paragraph (1) of paragraphs 1 to 6 amends Schedule 19 to Finance Act (FA) 2011 to decrease the bank levy rate from 1 January of the year in question.
	Sub-paragraph (2) of paragraphs 1 to 6 introduce into the table of rates at paragraph 7(2) of Schedule 19 and the new bank levy rates from the period 1 January of the year in question.
	Sub-paragraph (3) of paragraphs 1 to 6 provide that the new rate changes made by subparagraphs (1) to (2) are treated as having come into force on 1 January of the year in question.
	Sub-paragraph (4) to (9) provide transitional provisions for collecting the additional amounts of bank levy that arise from the reduction of the rates from 1 January 2016. Where an instalment payment in respect of a chargeable period ending on or after 1 January 2016 is due before 1 January 2016, the first instalment for the same chargeable period due after 1 January 2016 is decreased by the adjustment amount. The adjustment amount is the difference between what was actually paid in the pre-1 January 2016 instalment and what would have been due if the post 1 January 2015 rates had been applied. There are no transitional provisions if there is no instalment for the same chargeable period due after 1 January 2016. In this case standard corporation tax repayment provisions would apply.
	Sub-paragraph 1 (10) provides definitions of terms used in this paragraph.