Draft regulations: The Taxation of Banks (Amendments to the Corporation Tax Act 2009, Corporation Tax Act 2010 and Finance Act 2011) Regulations 2022
This is a technical consultation, and we welcome views on these draft regulations which will amend definitions in the bank-specific tax rules.
These regulations will ensure the bank-specific taxes (the Bank Levy, the Corporation Tax surcharge on banking companies, the Code of Practice on Taxation for Banks, and bank-specific restrictions on relief for losses and for compensation payments) continue to work as intended following the implementation of the new Investment Firms Prudential Regime by the Financial Conduct Authority.
The regulations will update the definitions of the regulatory regime firms must fall within and the list of regulated activities that such firms need to be undertaking to be subject to the bank-specific taxes. This is to ensure the bank specific tax rules continue to operate as intended.
This consultation seeks feedback from stakeholders on the draft regulations to make sure they deliver the policy correctly and effectively.
An explanation of the draft legislation is provided in the draft explanatory memorandum on this page and you can also read a tax information and impact note.