Commentary

D7.702 Definition of banking company

Corporate tax
Corporate tax | Commentary

D7.702 Definition of banking company

Corporate tax | Commentary

D7.702 Definition of banking company

For the purposes of the rules that apply to the loss relief restriction, from 1 April 2015 (D7.705)1, the restriction on the deduction of compensation payments from 8 July 2015 (D7.704)2 and the banking surcharge from 1 January 2016 (D7.712)3 there is an extended definition of a 'banking company'. There are two definitions; one applies for the loss relief restriction and the banking surcharge and another for the restriction on the deduction of compensation payments. The two definitions are very similar; the key difference being that the definition for the purposes of the loss relief restriction/banking surcharge applies to UK resident companies whereas the definition for the purposes of the restriction for the deduction of compensation payments applies to companies wherever located.

Loss relief restriction and banking surcharge

For the purposes of the restriction on losses from 1 April 2015, and the banking surcharge from 1 January 2016 a company is a

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial