Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1
Textual Amendments
F2Pt. 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
(1)This section makes provision as to the surcharge allowance of a banking company for a chargeable accounting period where section 269DE (surcharge allowance for banking company in a group containing other banking companies) does not apply.
(2)The banking company's surcharge allowance for the chargeable accounting period is so much of its available surcharge allowance for the period as it specifies in its company tax return as its surcharge allowance for that period.
(3)The banking company's “available surcharge allowance” for the chargeable accounting period is [F3£100,000,000.]
(4)If the chargeable accounting period is less than 12 months, the banking company's available surcharge allowance for the period is proportionally reduced.
(5)The sum of—
(a)any amount specified under subsection (2) for the chargeable accounting period, and
(b)any amount that is specified under section 371BI(2) of TIOPA 2010 (calculation of CFC charge on banking companies) for the period,
may not exceed the available surcharge allowance for the period.
(6)Section 269DK contains provision about what happens if the requirement in subsection (5) is not met.]
Textual Amendments
F3Sum in S. 269DJ(3) substituted (1.4.2023 for accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 6(2)(c)(3)