# Finance Act 2011, Paragraph 69A


(1) In calculating profits or losses for the purposes of income tax or corporation tax—
(a) no deduction is allowed in respect of any tax which is imposed by the law of a territory outside the United Kingdom and corresponds to the bank levy, and
(b) no account is to be taken of any amount which is paid (directly or indirectly) by a member of a group to another member for the purposes of meeting or reimbursing the cost of such a tax charged in relation to the group.
(2) Paragraph 66(3) applies for the purposes of sub-paragraph (1) as it applies for the purposes of paragraph 66(2).

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/69A (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-69A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.