Bank surcharge (and diverted profits tax) from 1 January 2016

Finance (No.2) Act 2015 introduced a surcharge of 8% on the taxable profits of banking companies arising on or after 1 January 2016. Per HMRC’s updated guidance on the diverted profits tax (DPT) there have been consequential amendments to the DPT legislation to apply DPT at a rate of 33% in cases where taxable diverted profits would have been subject to the surcharge. See www.bit.ly/12Qn0GK.