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For chargeable periods ending on or after 1 January 2021, the bank levy is amended¹ to limit its scope to the UK-based (or UK allocated) equity and liabilities of relevant groups and relevant entities. This means that only UK entities and UK permanent establishments that operate in the UK banking market will fall within the scope of the levy and relevant groups and relevant entities (see D7.708) will be able to elect to disregard from the bank levy the non-UK allocated equity and liabilities of any or all of the group's or the entity's non-UK permanent establishments. This change in scope reflects the reduction in the risk of overseas banking operations to the UK due to significant changes in international regulation and resolution planning since the bank levy was first introduced².

Rather than the different sets of rules for the different relevant groups and entities, as was the case originally, there is a single set of steps that apply to determine the chargeable equity and