RBS has recognised a £6bn deferred tax asset, which it will use to offset
against its tax bill on future profits.
The banking giant, bailed out by the British taxpayer also said in its income
statement to 31 December that it had paid a payroll tax of £208m for bankers
RBS said in a statement to the City: “The group has recognised a deferred tax
asset at 31 March 2010 of £6.5bn (31 December 2009 – £6.4m), of which £4.4bn (31
December 2009 – £4.8bn) relates to carried forward trading losses in the UK.
“Under UK tax legislation, these losses can be carried forward indefinitely
to be utilised against profits arising in the future.
“The group has considered the carrying value of this asset at 31 March 2010
and concluded that it is recoverable based on base case future profit
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states