Paragraph 53(6) of Schedule 19 excludes entities that are either ‘securitisation companies’ (see below), covered bond vehicles and any entity that the Treasury has prescribed by Order as being exempt.

Paragraph 53A was inserted by Finance Act 2018 to limit the joint and several liability of any ‘ring-fenced entity’ with effect from 1 January 2019.

This paragraph does not exempt chargeable equities or liabilities arising in these vehicles from being chargeable to the bank levy.

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