Step 5 35 Calculate the levy chargeable on each taxable building control event by— (a) taking the rate applicable in accordance with regulations made under section 9(2), and (b) multiplying that rate by the area in square meters of the floorspace of the new residential unit in relation to which a taxable building control event occurred. 7 Building Safety Levy (Scotland) Bill Part 3—Calculation and use of Levy Step 6 The total sum of each calculation at Step 5 is the taxpayer's liability in respect of the levy for the accounting period. (2) In making a calculation under subsection (1)— 5 (a) if the result of the calculation after Step 2 or Step 3 is zero or fewer, no levy is payable in that accounting period, (b) an amount of levy-free allowance is taken to have been used for the purposes of paragraph (a) of Step 3 if it has been deducted under that Step to reduce, to zero or more, the amount of events in an earlier accounting period in the same financial 10 year. 1 (3) In this Act, “financial year” means a period of— (a) 12 months beginning on 1 April and ending on the following 31 March...