Wayne Weaver Tax Partner and Matt Barnes Tax Senior Manager at Deloitte examine some of the key corporation tax issues arising for banks as a result of the global credit crisis
Tax relief for losses
The principal tax issue for banks is whether they will receive tax relief for the significant losses incurred as a result of the US sub-prime crisis and the consequential effect on the credit markets. Prima facie banks would expect that tax relief should be available for these genuine economic losses. However tax is rarely that straightforward!
Given the size of the write-downs globally we expect each tax authority to examine these losses closely. The UK tax...
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Wayne Weaver Tax Partner and Matt Barnes Tax Senior Manager at Deloitte examine some of the key corporation tax issues arising for banks as a result of the global credit crisis
Tax relief for losses
The principal tax issue for banks is whether they will receive tax relief for the significant losses incurred as a result of the US sub-prime crisis and the consequential effect on the credit markets. Prima facie banks would expect that tax relief should be available for these genuine economic losses. However tax is rarely that straightforward!
Given the size of the write-downs globally we expect each tax authority to examine these losses closely. The UK tax...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
