The surcharge is a straight charge of 3% (8% for accounting periods before 1 April 2023) levied on the company's surcharge profits that are in excess of its surcharge allowance1. If an accounting period straddles 1 April 2023, it is to be treated as two separate periods for the purpose of calculating the banking surcharge2.
Surcharge profits
The surcharge profits are calculated using the formula3:
TTP + NBGR + NBGRCF + NBPLR + NBTILR + RTOG – NBTIG – RDEC
where:
- Ìý
ÌýÌýÌýÌý TTP is the taxable total profits of the company of the chargeable accounting period.
- Ìý
ÌýÌýÌýÌý NBGR is the amount (if any) of non-banking group relief given in determining those taxable total profits. Non-banking group relief is group relief surrenderable from a company that is a non-banking company or
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Web page updated on 17 Mar 2025 16:59