Citation and commencement

1.  These Regulations may be cited as the Banking Surcharge (Information) Regulations 2016 and come into force on 1st June 2016.

Interpretation

2.  In these Regulations-

"banking surcharge" means a sum-

"surcharge payment" means payment to discharge (wholly or partly) the liability of a company in respect of banking surcharge;

"written notification" means a notification required under-

Application

3.  These Regulations apply where a surcharge payment is made or is to be made.

Additional information to be provided with written notifications

4.-(1) The company providing the written notification must also provide with the notification-

(a)details of the accounting period to which the surcharge payment relates;

(b)the unique tax reference (if provided by Revenue and Customs) under which the surcharge payment is made; and

(c)where the written notification is provided before the surcharge payment is made, the date on which the company intends to make the payment.

(2) Where a reallocation request is made, the company providing the written notification must also provide with the notification-

(a)details of the amount (if any) of the surcharge payment which is to be met otherwise than by a reallocation sum;

(b)details of the amount of each reallocation sum;

(c)details of each tax in respect of which each reallocation sum was paid or allocated as payment;

(d)the date on which each reallocation sum was paid or allocated as payment and details of the accounting period to which the payment or allocation related;

(e)details of the company which paid or requested allocation as payment of each reallocation sum; and

(f)the unique tax reference (if provided by Revenue and Customs) under which each reallocation sum was paid or allocated as payment.

(3) In this regulation-

"reallocation request" means a request to Revenue and Customs to treat a reallocation sum as a sum paid or allocated as payment in respect of a surcharge payment; and

"reallocation sum" means a sum already paid or allocated in or towards the discharge of a liability in respect of any tax.

Compliance

5.  The information required to be provided by regulation 4 is to be treated as a requirement to comply with an information notice for the purposes of Part 7 of Schedule 36 to the Finance Act 2008(6) (information and inspection powers).

EXPLANATORY NOTE

(This note is not part of the Regulations)

The Regulations apply where a payment is made, or is to be made, by a company to discharge (wholly or partly) its liability in respect of section 269DA of the Corporation Tax Act 2010 (c. 4) or at step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (c.8)("the banking surcharge").

Regulation 2 sets out definitions. Regulation 3 provides for application. Regulation 4 sets out additional information which must be provided where a company is required to make a written notification in relation to the banking surcharge.

Regulation 5 provides for compliance.

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.