Closed consultation

Consultation on restricting tax relief for banks' compensation expenditure

• From: HM Treasury
• Published: 26 March 2015

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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Summary

This consultation considers the detailed design of the government’s proposal to make banks’ compensation payments non-deductible for corporation tax purposes.

This consultation ran from
26 March 2015 to 11:45pm on 29 May 2015

Consultation description

Compensation payments associated with banks’ misconduct and misselling have had a significant impact on UK corporation tax receipts post-crisis.

The government does not believe that this is sustainable and, at Budget 2015, the Chancellor announced the intention to make banks’ future compensation payments non-deductible for corporation tax purposes.

This consultation considers the detailed design of the measure ahead of legislation in a future Finance Bill.

Documents

Restricting tax relief for banks' compensation expenditure

PDF, 374 KB, 18 pages

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Published 26 March 2015