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Taxation: Banks

Volume 502: debated on Monday 14 December 2009

To ask the Chancellor of the Exchequer (1) what the maximum amount of tax was that each of the banks in which the Government has a stake could save by off-setting previous losses at the latest date for which figures are available; (305801)

(2) what the losses for tax purposes of each of the banks in which the Government have a stake were at the latest date for which figures are available.

[holding answer 10 December 2009]: Historical aggregate figures for the value of deductions against Corporation Tax paid by the financial sector are published in table 11.2, on the HMRC website.

http://www.hmrc.gov.uk/stats/corporate_tax/table11_2.pdf

However, it is not possible to publish HMRC estimates of the loss position of individual banks due to rules protecting taxpayer confidentiality. Published 2008 accounts for both RBS and Lloyds banking group are available on their respective websites:

http://www.rbs.com/microsites/gra2008/index.htm

http://www.lloydsbankinggroup-annualreport.com/2008/

To ask the Chancellor of the Exchequer if he will estimate the tax losses carried forward by banks from the (a) 2007-08 and (b) 2008-09 financial year. (305851)

I refer the hon. Gentleman to the answer I gave him on 27 October 2009, Official Report, column 275W.