Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Committee debates on Finance Bill 2020 – sessions 4, 5 and 6

30 June 2020 / Allison Plager
Issue: 4750 / Categories: Comment & Analysis
23425
Lush hinterlands

Key points

  • Measure ensures banks cannot reduce their profits by using losses from non-banking companies in their groups.
  • Enterprise investment scheme targeted on knowledge-intensive companies.
  • Top-slicing relief amended to take account of changes to the personal allowance since 2010.
  • Digital services tax intended to reflect the modern digital economy.

Continuing their deliberations in the fourth sitting of the public bill committee MPs reached ‘the lush hinterlands of the banking surcharge regime’ as described by the financial secretary to the Treasury Jesse Norman.

The first three matters discussed were quickly decided. Clause 32 makes changes to ensure that banks cannot reduce their profits subject to the surcharge by using losses from non-banking companies in their groups. ‘Above all’ said Mr Norman the clause makes certain that banks pay the additional tax on all...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

FIVE WAYS TO MAKE ACCOUNTS PRODUCTION AND TAX EASIER.
Download the exclusive Xero
free report here.

New queries
Please email any questions you might have
to: taxation@lexisnexis.co.uk.

back to top icon