Corporation Tax Act 2010 section 269D

Overview of Chapter

Section 269D provides an overview of the chapter dealing with the banking surcharge, which imposes an additional tax charge on the profits of banking companies above a specified allowance.

• A surcharge is levied on the surcharge profits of a banking company that exceed the company's surcharge allowance, and this charge is treated as if it were corporation tax
• Several key terms are defined for calculating surcharge profits, including "non-banking group relief", "non-banking or pre-2016 loss relief", "non-banking transferred-in loss relief", "relevant transferred-out gain", and "non-banking transferred-in gain"
• The chapter includes provisions for determining a company's surcharge allowance, applying corporation tax rules to the surcharge, administration, double taxation relief, and anti-avoidance measures
• Definitions of "banking company" and "group" are found in the key definitions chapter of the same Part and are relevant to interpreting the surcharge rules