Perhaps it's a little surprising but banks having started to make profits again after accumulating substantial losses during the worst days of the recession may now be seen again as the deep pocket for the taxman to reach into. And to ensure that those losses do not interfere with the timely collection of cash new taxes will be the favoured method used.
The Bank Payroll Tax is still fairly complicated to work through despite the Budget and earlier clarifications and some further amendments to its scope may be needed but it must be an even bet that the next Government will extend it by a year so as to pick up another £2 billion in 2011. And one way or another some sort of systemic risk or punishment tax on banks is very likely to come in though...
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Perhaps it's a little surprising but banks having started to make profits again after accumulating substantial losses during the worst days of the recession may now be seen again as the deep pocket for the taxman to reach into. And to ensure that those losses do not interfere with the timely collection of cash new taxes will be the favoured method used.
The Bank Payroll Tax is still fairly complicated to work through despite the Budget and earlier clarifications and some further amendments to its scope may be needed but it must be an even bet that the next Government will extend it by a year so as to pick up another £2 billion in 2011. And one way or another some sort of systemic risk or punishment tax on banks is very likely to come in though...
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