The tax impact information note on the bank profits surcharge introduced in Finance (No. 2) Bill 2015 was amended in October 2015, replacing the version published on 8 July 2015, to reflect technical amendments tabled at report stage of the bill in respect of the profit adjustments that banks and building societies will be required to make. See www.bit.ly/1PS0djf.
The legislation introduces a surcharge of 8% on the profits of banks and building societies for accounting periods beginning on or after 1 January 2016. The surcharge will be treated as if it were an amount chargeable to corporation tax, after certain adjustments. An annual allowance of £25m will be available against the surcharge per group, which may not be carried forward.
The tax impact information note on the bank profits surcharge introduced in Finance (No. 2) Bill 2015 was amended in October 2015, replacing the version published on 8 July 2015, to reflect technical amendments tabled at report stage of the bill in respect of the profit adjustments that banks and building societies will be required to make. See www.bit.ly/1PS0djf.
The legislation introduces a surcharge of 8% on the profits of banks and building societies for accounting periods beginning on or after 1 January 2016. The surcharge will be treated as if it were an amount chargeable to corporation tax, after certain adjustments. An annual allowance of £25m will be available against the surcharge per group, which may not be carried forward.
