Banking surcharge: surcharge allowance: group allowance allocation statement – error in a group allowance allocation statement
If there’s an error in the group allowance allocation statement at the time it is submitted which means the surcharge allowance is incorrect either because:
- the amount allocated to a listed banking company is more than the maximum that can be allocated to that company, or
- the total of all allocated amounts exceeds the group surcharge allowance available for the nominated company’s accounting period
the company which is then the nominated company must submit a corrected statement within 30 days of the date the statement was submitted.
If the amounts allocated were correct at the time the statement was made but subsequently becomes incorrect, the company which is then the nominated company needs to correct the statement within 30 days of the date on which the statement ceased to comply.
Action required if nominated company fails to correct statement - CTA10/S269DI (9)-(10)
If the nominated company does not correct the statement, HMRC may send that company a written notice amending the group allowance allocation statement as they see fit. A copy of the notice should be sent to each of the listed banking companies. See BKM404850 for action to take where the surcharge allowance a banking company includes in its return is greater than it should be.