Schedule 2ZA, paragraph 4

The Bank must, in respect of a levy year— determine which of its policy functions it intends to fund (in whole or in part) by means of the levy; determine the total amount of the levy it reasonably considers it requires in connection with the funding of those functions (“the anticipated levy requirement”). The Bank may add to the anticipated levy requirement for a levy year such amount (if any) that— was required in connection with the funding of policy functions in the previous levy year, and was in excess of the total amount of the levy that it received in respect of that previous levy year. For the purposes of this Schedule, a function of the Bank is a “policy function” if it is exercised in pursuit of— the Financial Stability Objective (see section 2A), or its objectives in relation to monetary policy (see section 11). In making a determination in accordance with sub-paragraph (1), the Bank must take account of any other amounts which are, or are likely to be, available in the levy year to fund policy functions (for example, amounts of the levy received in respect of a previous levy year or amounts available from sources other than the levy). The Bank must publish a determination made in accordance with sub-paragraph (1)— at such time before or during the levy year to which the determination relates as the Bank considers appropriate, and in such manner as the Bank considers appropriate. The reference in sub-paragraph (3) to the exercise of a function includes anything done in preparation for, to facilitate, or otherwise in connection with, the exercise of the function.

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Source: legislation.gov.uk · retrieved 2026-09-04