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Corporation Tax Act 2010, Section 269DA is up to date with all changes known to be in force on or before 15 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)If a company is a banking company in relation to an accounting period (a “chargeable accounting period”), a sum equal to [F23%] of its surcharge profits for the period, so far as they exceed its surcharge allowance for the period, is to be charged on the company as if it were an amount of corporation tax chargeable on the company.
(2)For the purposes of this Chapter, a company's “surcharge profits” for a chargeable accounting period are—
where—
“TTP” is the taxable total profits of the company of the chargeable accounting period;
“NBGR” is the amount (if any) of non-banking group relief that is given in determining those taxable total profits (see section 269DB);
[F5“NBGRCF” is the amount (if any) of non-banking group relief for carried-forward losses that is given in determining those taxable total profits (see section 269DBA);]
“NBPLR” is the amount (if any) of non-banking or pre-2016 loss relief (see section 269DC);
[F6“NBTILR” is the amount (if any) of non-banking transferred-in loss relief (see section 269DCA);]
“RTOG” means the sum of any relevant transferred-out gains (see section 269DD);
“NBTIG” means the sum of any non-banking transferred-in gains (see section 269DD);
“RDEC” means any amount brought into account by the company under [F7Chapter 1A of Part 13 of CTA 2009 (R&D expenditure credit)] as a receipt in calculating the profits of a trade for the chargeable accounting period.
(3)A company's “surcharge allowance” for a chargeable accounting period is to be determined in accordance with section 269DE where, at any time in that period—
(a)the company is a member of a group, and
(b)one or more other banking companies are members of that group.
(4)Otherwise, a company's “surcharge allowance” for a chargeable accounting period is to be determined in accordance with section 269DJ.]
Textual Amendments
F1Pt. 7A Ch. 4 inserted (with effect in accordance with Sch. 3 Pt. 3 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 1
F2Word in s. 269DA(1) substituted (1.4.2023 for accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 6(1)(3)
F3Variable in formula in s. 269DA(2) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 161(a)
F4Word in s. 269DA(2) inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2020 (c. 14), s. 33(3)(a)
F5Words in s. 269DA(2) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 161(b)
F6Words in s. 269DA(2) inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2020 (c. 14), s. 33(3)(b)
F7Words in s. 269DA(2) substituted (1.4.2024 with effect in relation to accounting periods beginning on or after that date) by Finance Act 2024 (c. 3), Sch. 1 paras. 13(2), 16; S.I. 2024/286, reg. 2
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