Policy paper

Corporation Tax: extending carried forward loss allowance to savings banks established under the Savings Bank (Scotland) Act 1819

This tax information and impact note extends the carried-forward loss allowance to savings banks established under the Savings Bank (Scotland) Act 1819.

Documents

Details

At Autumn Statement 2014, the government announced a restriction on the amount of profit that banks and building societies can offset by carried-forward losses. This restriction took effect from 1 April 2015 and included a £25 million allowance for the building societies sector. This measure extends the allowance to savings banks in the same way as it currently applies to building societies.

Published 8 July 2015