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Home / Simons-Taxes /Corporate tax /Part D7 Financial service sectors /Division D7.7 Banking companies /Banking surcharge / D7.712 Banking surcharge—overview

D7.712 Banking surcharge—overview

Corporate tax

D7.712 Banking surcharge—overview

In outline, the banking surcharge regime works as follows¹:

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•�� a 3% (8% before 1 April 2023) surcharge is levied on a banking company's 'surcharge' profit for the year. This profit can't be reduced by non-banking losses, pre-January 2016 carried forward losses or group relief from non-banking group companies
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•�� each banking company (or group of companies) is entitled to a £100m (£25m before 1 April 2023)

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C1.106 Allowable capital losses

B3.340A Hire purchase of plant and machinery and similar contracts

B2.218 Surplus business accommodation

E8.810 Application for a National Insurance number

C1.106A Annual exempt amount

I5.226 Disposals of QIIPs for consideration

B5.820 Charity's profits of trade—general liability to income tax

E8.811 National Insurance number—refusal of application

C2.201 Allowable expenditure for capital gains—overview

C2.902 Wasting assets—wasting of allowable expenditure

C2.1168 Property rich collective investment vehicles—ceasing to meet the exemption election requirements

E6.324H Nominated income and gains and the ordering rules

B5.846 Charities and close companies

B5.101 What is 'farming' and 'market gardening'

E7.234 Other types of lifetime benefit lump sum

D6.711 Liquidation—capital gains implications

C2.106 Deferred and contingent consideration on disposals

C2.1173 Interaction of the exemption election regime with other capital gains exemptions

B2.472 Tax and tax-related expenditure

E6.102K Statutory residence test—the definition of a 'home'

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