The Chancellor has responded to a letter from Andrew Tyrie MP, Chairman of the Treasury Committee, to confirm that payments made by banks to regulators are viewed as “a routine cost of doing business” and are therefore “generally deductible for Corporation Tax purposes”. The letter notes that this includes routine payments and the costs of specific investigations and that the Government’s position is consistent with that for regulator payments made in other industries. (Source: Chancellor responds on tax deductibility of fines)