Corporation Tax Act 2010 section 269DF

Group surcharge allowance and the nominated company

Section 269DF establishes the group surcharge allowance of £25,000,000 for groups containing two or more banking companies and sets out the rules for nominating a company to manage this allowance on behalf of the group.

• Where a group contains two or more banking companies, all the banking companies in the group must jointly nominate one of their number as the "nominated company" to manage a group surcharge allowance of £25,000,000 per accounting period
• If the nomination takes effect or ceases part way through an accounting period, or if the accounting period is shorter than 12 months, the £25,000,000 allowance is proportionately reduced
• The nomination must state its effective date (which can be earlier than the date it is made) and must be signed by the appropriate person on behalf of every banking company in the group
• The nomination ceases to have effect when a new nomination takes effect, when any banking company in the group revokes it in writing to HMRC, or when the nominated company stops being a banking company or leaves the group