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The bank levy charge provides a framework for double tax relief with respect to the bank levy and similar levies that may be imposed by foreign territories. Double tax relief can be provided either bilaterally or unilaterally, as follows:

1. Ìý

   •ÌýÌýÌýÌý bilaterally – existing double tax treaties will not provide relief for the bank levy (and similar other levies). Where arrangements are made with a view to affording relief from double taxation in relation to the bank levy and any equivalent foreign levy then such arrangements can take effect where the Treasury makes an order for them to do so. Regulations can be made to remove or reduce the amount of double taxation relief in cases where a scheme is in place¹.

2. Ìý

   To date regulations have been issued which allow bilateral relief for the equivalent foreign levy imposed:

3. 1. Ìý

      –ÌýÌýÌýÌý by the law of the Federal Republic of Germany². The mechanism for relief under the agreement is provided for in separate regulations³. Credit is only available to