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Brief
The Bank of England (BoE) Levy, introduced on March 1, 2024, is a new levy that replaces the Cash Ratio Deposit scheme. The ONS has classified the BoE Levy as "other taxes on production" effective March 1, 2024. Institutions paying the BoE Levy are required to report their payments on Form PL under "Taxes payable" on an accrual basis. The levy year runs from March 1, and eligible institutions will be notified of their charge in July. The ONS has also clarified the classification of the FMI Levy and PRA Levy as "fees for financial services paid by eligible financial corporations". Institutions are advised to resubmit their Form PL Q2 2024 submission to include the BoE Levy payment accrual for the 2024/25 levy year.
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