HMRC have invited comments on draft regulations allowing relief by way of credit for groups and entities subject to the bank levies of both the UK and France, where France is the home state of the entity or group.
'While the overall goal of [bank levies being introduced in a number of countries] is largely consistent, the application can vary considerably. In France, for example, the bank levy uses assets as the tax base, whereas in the UK, it uses liabilities,' said Chris Sanger, Global Head of Tax Policy at Ernst & Young, writing in Tax Journal (13 May).
HMRC have invited comments on draft regulations allowing relief by way of credit for groups and entities subject to the bank levies of both the UK and France, where France is the home state of the entity or group.
'While the overall goal of [bank levies being introduced in a number of countries] is largely consistent, the application can vary considerably. In France, for example, the bank levy uses assets as the tax base, whereas in the UK, it uses liabilities,' said Chris Sanger, Global Head of Tax Policy at Ernst & Young, writing in Tax Journal (13 May).
