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HMRC publishes new Banking Manual

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HMRC published its new Banking Manual (BKM) in October 2017, containing guidance on corporation tax issues around bank compensation payments, carried-forward losses and the banking surcharge (see The new manual contains the following sections:

  • BKM200000 Bank compensation restriction;
  • BKM300000 Bank loss restriction; and
  • BKM400000 Banking surcharge.

HMRC’s former Banking Manual (BAM) was withdrawn in 2009, with most of the contents incorporated into the Corporate Finance Manual (CFM).