Commentary

D7.703 The taxation of banking etc generally

Corporate tax
Corporate tax | Commentary

D7.703 The taxation of banking etc generally

Corporate tax | Commentary

Taxable income

D7.703 The taxation of banking etc generally

As the business of a bank and deposit taker are trades, any profits are chargeable to corporation tax as trading income. If the bank/deposit taker is resident in the UK, the charge is on all its profits wherever arising. If the bank/deposit taker is not resident in the UK it is only liable to corporation tax if it carries on a trade in the UK through a permanent establishment in the UK, and the charge is limited to the profits (wherever arising) attributable to that permanent establishment1.

Savings banks (except for

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