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Unpicking the Finance Bill 2015—restricted loss relief for banks

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Published on: 20 January 2015

Published by a LexisNexis Tax expert

Table of contents

Original news
What was announced in relation to the restriction on loss relief for banks?
What was the driver for this announcement?
Revenue raising
Political
What happens to the excess losses (ie those over the restricted amount)?
Is there a risk this measure could apply to more types of companies than intended?
How do these rules interact with the group relief rules?
Are any exemptions available from this new restriction on loss relief?
Are there any related anti-avoidance rules and when do they take effect?

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Article summary

Tax analysis: What next for restricted loss relief for banks? Vimal Tilakapala, partner and co-head of the UK tax practice at Allen & Overy, and Chris Bates, tax partner at Norton Rose Fulbright, comment on the latest draft proposals and exempt categories.

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