Lloyds Group win huge government tax concession
Asset deal with the government secures potential tax loss offsetting for Lloyds Group
The government could lose out on billions of pounds after Lloyds Banking
Group agreed a deal to be able to offset losses on loans against its taxable
income.
The group will be able to offset losses on loans covered by the government’s
asset protection scheme, which limits its losses on bad loans, reports the
Daily Mail.
RBS had already joined the scheme and is unable to offset its losses.