Consultation on restricting tax relief for banks' compensation expenditure
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
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This consultation considers the detailed design of the government’s proposal to make banks’ compensation payments non-deductible for corporation tax purposes.
Compensation payments associated with banks’ misconduct and misselling have had a significant impact on UK corporation tax receipts post-crisis.
The government does not believe that this is sustainable and, at Budget 2015, the Chancellor announced the intention to make banks’ future compensation payments non-deductible for corporation tax purposes.
This consultation considers the detailed design of the measure ahead of legislation in a future Finance Bill.
PDF, 374KB, 18 pages
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