Banking surcharge: information regulations

The Banking Surcharge (Information) Regulations SI 2016/566 which come into force on 1 July 2016 set out the detailed information that banking companies must include when they provide HMRC with written notification of their banking surcharge payments. Finance (No 2) Act 2015 introduced an 8% surcharge on the profits of banks and building societies for accounting periods beginning on or after 1 January 2016. HMRC consulted on a draft of the regulations between February and March 2016.

The information to be provided includes:

·       details of the accounting period to which the surcharge payment relates;

·       the unique tax reference under which the surcharge payment is made; and

·       where written notification is provided before payment is made the date on which the company intends to make the payment.

Where the company requests a reallocation of a sum paid it must provide:

·       the amount...