Skip to main content

Royal Bank of Scotland

Volume 489: debated on Friday 13 March 2009

To ask the Chancellor of the Exchequer pursuant to the answer of 3 March 2009, Official Report, column 1423W, on the Royal Bank of Scotland, what tax losses and allowances will not be claimed by Royal Bank of Scotland (RBS); what amount of tax losses and allowances will be forgone by RBS; which RBS tax losses and allowances will be set against previous profits; and what the total figure that could be claimed by RBS in tax losses and allowances is. (263450)

RBS has agreed not to claim certain UK tax losses and allowances for a number of years, meaning that when they do return to profitability, they will not be able to benefit from the losses accrued in the intervening period. Final arrangements are subject to ongoing discussions with, and quantification by, HMRC.

Further information about RBS's undertakings will be available when all of the detailed terms of RBS's entry into the asset protection scheme have been finalised.