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HMRC internal manual

Banking Manual

Banking surcharge: surcharge allowance: group nominated company


Groups having more than one banking company nominate one of the banking companies to act for all of the banking companies in the group.  

The nominated company is entitled to allocate a maximum group allowance of £25m which is given for each of its accounting periods during which the nomination has effect.  If the nomination only covers part of an accounting period or the nominated company’s accounting period is less than 12 months, the group allowance is proportionally reduced on a time apportionment basis.

Nomination - requirements:

  • The nomination must be signed on behalf of every banking company that is a member of the group when the nomination is made.
  • The nomination should be signed by the proper officer of the company (s108 TMA 1970) or such other person who has been given authority to act on the company’s behalf.
  • The nomination must state when it takes effect (this can be a date before it is made).

Nomination - no longer effective:

  • The nomination  will cease to have effect if a new nomination is made
  • The nomination will cease to have effect if one banking company revokes
  • The nomination will cease to have effect if the nominated company ceases to be a banking company or is no longer a member of the group.

Nomination - time limit

There is no set time limit for submitting the nomination but in practice this will need to be done before the nominated company submits the group allowance allocation statement for a chargeable accounting period.