Dominic Robertson (Slaughter and May) explains what will be changing and how the banks should be preparing.
On 1 January 2021 a major reform of the UK bank levy rules will finally enter into force – more than five years after its original announcement and almost three years since the changes were enacted in FA 2018. This is by far the most significant package of changes to bank levy in the ten years of the tax’s existence and it will change the way all banks calculate and manage their bank levy liabilities.
This article summarises the existing bank levy rules explains what will be changing and looks at how banks should be reacting to these changes.
How it started
The bank levy was originally introduced by the coalition government in FA 2011 Sch 19. (All legislative references in this article are to Sch...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Dominic Robertson (Slaughter and May) explains what will be changing and how the banks should be preparing.
On 1 January 2021 a major reform of the UK bank levy rules will finally enter into force – more than five years after its original announcement and almost three years since the changes were enacted in FA 2018. This is by far the most significant package of changes to bank levy in the ten years of the tax’s existence and it will change the way all banks calculate and manage their bank levy liabilities.
This article summarises the existing bank levy rules explains what will be changing and looks at how banks should be reacting to these changes.
How it started
The bank levy was originally introduced by the coalition government in FA 2011 Sch 19. (All legislative references in this article are to Sch...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
