BKLM740340 - Double Taxation Relief: Single Resolution Fund: alterations to the amount of relief

Regulation 14 of SI 2016/1212

If the amount of the Single Resolution Fund levy changes, then there will be a subsequent knock-on effect on the amount that can be claimed as relief in the UK. When this happens the responsible member or relevant entity will need to recalculate the amount of relief due and amend the claim.

It must also do this if the actual amount of the Single Resolution Fund levy stays the same but a person receives a payment from the authorities in the EU member state in respect of the Single Resolution Fund levy.

However it does not apply where the authorities in that state make a payment because the contribution is tax deductible in that state, for example where the Single Resolution Fund levy paid increases a loss which leads to a tax repayment. This is not within the scope of Regulation 14.

Regulation 16 of SI 2016/1212

Where the amount of the Single Resolution Fund levy or the bank levy against which relief is claimed is altered then, provided a claim has already been made for double taxation relief, the claim or assessment may be revised for up to 6 years from when all material determinations have been made.

Regulation 17 of SI 2016/1212

Where the amount of relief becomes excessive the responsible member or relevant entity must inform HMRC within 12 months of the adjustment to the Single Resolution Fund levy