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  Budget Motion 79 - The Bank Levy
  
  --- MOTION EFFECT ---
  
  
  The majority of MPs voted in favour of 
  
  The motion approved in this vote was:
  
  :That provision (including provision with retrospective effect) may be made about the bank levy.
  
  The Bank levy was introduced by Schedule 19 of the Finance Act 2011[1]; it raises a tax on banks based on their total applicable liabilities and equities.
  
  This vote followed the 2014 Budget[2] in which the following changes to the Bank Levy were announced:
  
  â¢ limit the protected deposit exclusion to amounts insured under a deposit protection scheme
  â¢ treat all derivative contracts as short term
  â¢ restrict relief for a bankâs High Quality Liquid Assets to the rate applicable to long-term liabilities
  â¢ align the bank levy definition of Tier One capital with the new Capital Requirements Directive from January 2014
  â¢ exclude liabilities in respect of collateral that has been passed on to a central counterparty from January 2014
  â¢ widen legislation-making powers within the bank levy from January 2014 to ensure it can be kept in line with regulation
  
  and
  
  * The government will set the full rate of the bank levy at 0.156% from 1 January 2014, up from the January 2013 rate of 0.105%
  
  
  The amount forecast to be raised was Â£2.7bn in 2014/15, up from Â£2.3bn in 2013-14. 
  
  This vote was on a Finance Bill resolution[4], which are also known as budget resolutions or budget motions.  
  
  ==
  
  
  * [1] [http://www.legislation.gov.uk/ukpga/2011/11/schedule/19/enacted Schedule 19 of the Finance Act 2011 which provides for the Bank Levy]
  * [2] [https://www.gov.uk/government/publications/budget-2014-documents Budget 2014: documents]
  * [3] [http://www.hmrc.gov.uk/budget2012/tiin-0899.pdfâ 2013 Bank Levy rate change]
  * [4] [https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293956/Notes_on_Resolutions_19_March_2014.pdf Notes on the March 2014 Budget Resolutions]
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  