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The new bank levy will have wide applications and may impact on the non-banking business of banks

A levy will apply from 1 January 2011 to the balance sheets of banks and banking groups with liabilities of at least £20bn.

Bank Bonus

The Government has targeted bonuses in the banking sector and the perceived contribution bonuses have on risk taking. In his speech, the Chancellor also highlighted the need for the banking sector to recapitalise balance sheets in priority to paying out bonuses.

Schedule 36 Disclosure notices on banks: Latest ruling

HM Revenue & Customs (HMRC) has obtained permission from the Tax Chamber of the First-tier Tribunal to issue Schedule 36 Finance Act 2008 notices to 308 banks to obtain information about their customers who hold offshore accounts.

Islamic Finance: Relief for Land backing Sukuk

The Finance Act 2009 has introduced new relief to remove the SDLT and tax on chargeable gains on the transfers of land assets pursuant to alternative finance investment bonds arrangements and back from the issuer to the owner within 10 years.

Code of practice for Banks

On 29 June, the Government published a consultation document on a new code of practice on the taxation of banks.

Budget 2009: Banking

- Anti-avoidance legislation targeting Double-taxation relief schemes - Hedging Proceeds from Future Share Issues - Credit Crisis: stock Lending and repo arrangements - eliminations of adverse tax consequences of default - Code of practice for the Banking Sector - Asset Protection Scheme: Agreements to forgo tax reliefs

National contacts

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Carine Beidas

Financial Services Tax Senior Manager
+44 (0)20 7063 4311

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Najwa El Iraki

Financial Services Manager
+44 (0)20 7063 4091

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