HMRC is consulting on draft
Bank Levy (Loss Absorbing Instruments) Regulations that will clarify the bank
levy rules on deductions from a UK entity’s equity and liabilities where it
holds assets representing loss-absorbing instruments issued by overseas
subsidiaries to meet regulatory requirements. HMRC has also published a draft explanatory memorandum, draft tax
information and impact note and draft guidance on the proposals. The consultation
closes on 10 August 2020 and the regulations are expected to have effect in
relation to chargeable periods ending on or after 1 January 2021.
HMRC is consulting on draft
Bank Levy (Loss Absorbing Instruments) Regulations that will clarify the bank
levy rules on deductions from a UK entity’s equity and liabilities where it
holds assets representing loss-absorbing instruments issued by overseas
subsidiaries to meet regulatory requirements. HMRC has also published a draft explanatory memorandum, draft tax
information and impact note and draft guidance on the proposals. The consultation
closes on 10 August 2020 and the regulations are expected to have effect in
relation to chargeable periods ending on or after 1 January 2021.
