This technical consultation will be of interest to banking companies and building societies. The Finance Act (No2) 2015 introduced legislation to levy a surcharge of 8% on the profits of banking companies from 1 January 2016. The banking surcharge is paid alongside a company’s liability to CT. When a company makes a payment that includes, or is wholly, surcharge liability, the company responsible for discharging the liability must notify HMRC of the amount of surcharge paid (s269DM(2) Corporation Tax Act 2010 for surcharge profits and s371UBA(2) of the Taxation (International and Other Provisions) Act 2010 for CFC chargeable profits). These draft regulations set out the detailed information to be provided when the responsible company notifies HMRC of the surcharge payment.
HMRC has published draft regulations, together with a draft explanatory memorandum, for a period of technical consultation which will close on 31 March.
We are interested to hear views on the on the draft regulations, including customers’ assessment of any benefits or costs resulting from the requirements laid out in the draft regulations.
Any comments on this draft should be made by telephone or sent by email to Ursula Crosbie on Telephone: 03000 589086 or email: firstname.lastname@example.org. HMRC is willing to meet interested parties directly to discuss the draft regulations. Please contact Ursula Crosbie to make arrangements as soon as possible.