Draft legislation: Corporation Tax - bank loss relief restriction

Policy paper

Draft legislation: Corporation Tax - bank loss relief restriction

This draft legislation is about restricting the proportion of banks鈥� annual taxable profit that can be offset by carried forward losses to 50%.

From:: HM Revenue & Customs
Published: 3 December 2014

Documents

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Details

皇冠体育app measure will restrict the proportion of banks鈥� annual taxable profit that can be offset by carried forward losses to 50%.

皇冠体育app restriction will apply to carried forward:

trading losses
non-trading loan relationship deficits
management expenses

皇冠体育app restriction will take effect from 1 April 2015 and will only apply to reliefs accruing prior to this date. 皇冠体育app targeted anti-avoidance rule which forms part of the measure will apply to arrangements entered into on or after 3 December 2014.

A Tax Information and Impact Note for this measure has been published at Corporation Tax: bank loss relief restriction.

A technical note providing detail of how the proposed legislation will operate has been published at Restriction on brought forward reliefs in the UK banking sector - technical note.

Published 3 December 2014

皇冠体育app