Helen Buchanan and Hugh Gunson (Freshfields Bruckhaus Deringer) review the bank tax measures.
The summer Finance Bill has a whole Part devoted to banks. The bank surcharge is a high price to pay for reductions in bank levy and the playing field remains lumpy. After several years of fiscal banker bashing stability and predictability are now top of banks’ wish lists.
The Bill includes the following new bank-specific measures:
Bank levy (Sch 2 to the Bill and paras 2.127 and 2.128 of the Red Book): There will be a phased reduction in the rate from 0.21% to 0.10% in 2021 and the tax base will be narrowed to UK operations from 2021. Both these changes have been widely welcomed: they should...
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Helen Buchanan and Hugh Gunson (Freshfields Bruckhaus Deringer) review the bank tax measures.
The summer Finance Bill has a whole Part devoted to banks. The bank surcharge is a high price to pay for reductions in bank levy and the playing field remains lumpy. After several years of fiscal banker bashing stability and predictability are now top of banks’ wish lists.
The Bill includes the following new bank-specific measures:
Bank levy (Sch 2 to the Bill and paras 2.127 and 2.128 of the Red Book): There will be a phased reduction in the rate from 0.21% to 0.10% in 2021 and the tax base will be narrowed to UK operations from 2021. Both these changes have been widely welcomed: they should...
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:
new bank-specific measures:
