[371BI Banking companies]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[371BI  Banking companies]

[(1)     In relation to a chargeable company that is a banking company for the relevant corporation tax accounting period, step 5 in section 371BC(1) is to be taken in accordance with subsections (2) to (5).

(2)     The amount given by paragraph (a) at step 5 is to be increased by an amount equal to—

(PCP - SASA) x SP

ɳ—

“PCP” is P% of the CFC's chargeable profits;

“SASA” is so much (if any) of the chargeable company's available surcharge allowance as the company specifies for the purposes of this subsection in its company tax return for the relevant corporation tax accounting period;

“SP” is the percentage specified in section 269DA(1) of CTA 2010 (surcharge on banking companies).

(3)     Subsection (5) applies in relation to the chargeable company if—

(a)     there are arrangements that result in a relevant transfer, and

(b)     the main purpose, or one of the main purposes, of the arrangements is to avoid, or reduce, a sum being charged on the chargeable company at step 5 in section 371BC(1) in consequence of subsection (2).

(4)     There is a “relevant

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