Corporation Tax Act 2010 section 269BE

Powers to amend

Section 269BE gives the Treasury regulation-making powers to amend the banking surcharge provisions in Part 7A when external regulatory frameworks, accounting standards or key definitions change.

• The Treasury may amend Part 7A to reflect changes to the Regulated Activities Order 2001, the FCA Handbook, the PRA Rulebook, international accounting standards, US GAAP, or regulatory requirements imposed by EU legislation or any Act of Parliament
• The Treasury may also amend the definitions of "banking company" and "group" in sections 269B to 269BD, together with any consequential changes needed elsewhere in Part 7A
• Regulations may include transitional provisions, and those made on or before 30 June 2022 could have retrospective effect for accounting periods ending on or after 1 January 2022
• Regulations that amend the core definitions in sections 269B to 269BD must be laid before the House of Commons in draft and approved by resolution before they can be made