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Topical tax matters of interest to the banking industry

Topical tax matters of interest to the banking industry

Topical tax matters of interest to the banking industry

TaxWatch

TaxWatch

Access KPMG's client-only portal of publications on topical tax issues.

Whether banks will face restrictions on the amount of tax losses that they can carry forward / set against profits in any given year has been a topic of debate in the Dáil and in the media over the last number of months. The potential impact of introducing some kind of restriction / sunset clause on unused tax losses carried forward has been the subject of governmental reports.

In this article, Seamus Hand takes a look at where the debate stands.

Seamus also looks at some recent UK case law developments relevant which may have implications for the operation of withholding tax on certain interest payments. This includes a review of UK case law developments on whether statutory interest can be regarded as yearly interest subject to withholding tax particularly when paid to creditors in the course of a liquidation. This also includes consideration of a recent UK tax case on determining the source of interest which can determine the potential scope of application of withholding tax to the interest by the jurisdiction in which it is sourced. 

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