Ministers urged to close £2bn tax loophole in car finance scandal

The Guardian - Banks and specialist lenders will not pay tax on compensation payouts, sidestepping 2015 ruleMinisters are being urged to close a loophole that will allow UK banks and specialist lenders to avoid paying mp;pound;2bn in tax on their payouts to motor finance scandal victims.Under the current law, any operation that is not a bank can deduct compensation payments from their profits before calculating their corporation tax, reducing their bill. Continue reading...