Corporation Tax Act 2010 section 988

Issue departments of the Reserve Bank of India and the State Bank of Pakistan

Section 988 exempts from corporation tax the income of the issue departments of the central banks of India and Pakistan.

• The income of the issue departments of two specific central banks is exempt from UK corporation tax.
• The first is the Reserve Bank of India, established under the Reserve Bank of India Act 1934.
• The second is the State Bank of Pakistan, formed under orders made pursuant to section 9 of the Indian Independence Act 1947.
• The exemption applies only to the issue departments of these banks, not to their other operations.