The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
An S975 Statement is a written statement showing the interest earned and tax paid on an account.
Deposit-takers such as banks are required to issue Income Tax Act 2007 S975 Statements upon request.
Some customers ask their bank for such a Statement in order to make a repayment claim of income tax from HM Revenue & Customs or to complete their Self Assessment Return.
Please note that in most cases HMRC no longer require customers to obtain a S975 Statement in order to make such a repayment claim or to complete their Self Assessment Return. Instead HMRC usually allow a customer to rely on the information provided on other documents. This includes credit interest information included on bank statements or the tax summary some banks include in client communications or on the bank account statement itself.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More