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.