BKLM452000 - Collection and management: returning the bank levy: financial statements required as part of the return
Paragraph 3A of Schedule 18, Finance Act 1998
Paragraph 3A(1) provides that HMRC may publish requirements as to the financial information, accounts, statements and reports required to be delivered by the responsible member of a group or the banking or building society entity (where it is not part of a group) in support of its return of the bank levy. The information is to be submitted, to the extent that it is not already provided, as part of the responsible member or entity's company tax return.
Chargeable periods ending on or before 31 December 2020
The items that are required are as follows:
- where it is a member of a UK banking group: the global group consolidated balance sheet for the period
- where it is a member of a UK sub-group of a foreign banking group that produces a consolidated balance sheet at UK level and there are no UK businesses outside that consolidation: those consolidated accounts for the period
- for UK subsidiaries and branches of foreign banking groups not covered by the above bullet: balance sheets for each of the Type A, B, C and D chargeable equity and liabilities, and a computation of aggregation of those equity and liabilities
- for non-banking groups: a balance sheet for the banking business (bank entity, or where there is a bank parent and subsidiaries, consolidated balance sheet for the bank and its subsidiaries, or where consolidated financial statements are not prepared, balance sheets for the bank parent and all its subsidiaries for the period), and
- in all cases, a computation showing how the bank levy liability is calculated from the figures within the relevant balance sheet (or aggregation computations).
Chargeable periods ending on or after 1 January 2021
The items that are required are as follows:
- where it is a member of a UK sub-group (See BKLM315130), all members are UK resident entities and there is no entity-by-entity election or designated Foreign Permanent Establishment (FPE) entity: the consolidated financial statements of the UK sub-group for the chargeable period
- where it is a member of a UK sub-group, and the UK sub-group has members that are non-UK resident entities or designated FPE entities and there is no entity-by-entity election in place for the UK sub-group: the consolidated statements of the UK sub-group and adjustments from those consolidated financial statements showing the balance sheet for the residual UK sub-group for the chargeable period
- for designated FPE entities: the individual financial statements of the designated FPE entity
- for relevant foreign banks: the individual financial statements of the relevant foreign bank
- where there is an entity-by-entity election in place for a UK sub-group: the individual financial statements of each UK resident entity in the UK sub-group
- for chargeable UK resident entities (See BKLM315140) in groups and relevant entities (See BKLM315120) not in a group: the entity’s individual financial statements for the chargeable period
- in any case where consolidated or individual financial statements are not prepared under international accounting standards, balance sheets should be provided under those standards, and
- in all cases, a computation showing how the bank levy liability is calculated from the figures within the relevant balance sheet (or aggregation computations).