Part 3: Banking Section 19: Banks established under the Savings Bank (Scotland) Act 1819: loss allowance Summary
This section makes sure that savings banks established under the Savings Bank (Scotland) Act 1819 are treated in the same way as building societies for the purposes of the restriction applying to certain deductions made by banking companies. The carried-forward loss allowance is therefore extended to savings banks as it currently applies to building societies. The section has effect for the purpose of calculating the taxable profits of companies for accounting periods beginning on or after 1 April 2015.