HM Treasury has launched a consultation on the bank levy. The fundamentals of the levy remain as previously announced in the June Budget. There is however some indication that the rate of the levy is not yet settled and that the Government may be prepared to agree to cap the sum raised at £2.5 billion. The levy will only apply to banks with liabilities exceeding £20 billion although there is a suggestion that this threshold may be replaced with an allowance which could also impact on the rate at which the levy is charged. Although simple in concept the devil of the bank levy will be in the detail.
Subject to the threshold the levy will apply to banks and building societies. The definition of ‘bank’ will be broadly the same as that used...
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Home >Articles > Consultations: the latest on the bank levy
Consultations: the latest on the bank levy
Mark Middleditch on the bank levy
HM Treasury has launched a consultation on the bank levy. The fundamentals of the levy remain as previously announced in the June Budget. There is however some indication that the rate of the levy is not yet settled and that the Government may be prepared to agree to cap the sum raised at £2.5 billion. The levy will only apply to banks with liabilities exceeding £20 billion although there is a suggestion that this threshold may be replaced with an allowance which could also impact on the rate at which the levy is charged. Although simple in concept the devil of the bank levy will be in the detail.
Subject to the threshold the levy will apply to banks and building societies. The definition of ‘bank’ will be broadly the same as that used...
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:
