Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a554684

Osborne: Tobin tax could fail to raise extra cash for UK

by Michelle Abrego on Dec 22, 2011 at 11:15

Osborne: Tobin tax could fail to raise extra cash for UK

The European Commission's proposed Tobin tax on financial transactions could fail to raise any additional revenue for the UK, chancellor George Osborne has warned in a letter to Treasury Select Committee chairman Andrew Tyrie MP.

Osborne (pictured) warns that any revenue would be offset by losses in revenue from other taxes, including £3 billion per year in lost stamp duty.

Osborne said he would expect a reduction in corporation tax due to the impact of the financial transaction tax (FTT) on the financial services sector.

‘Overall, it is possible that the tax might raise no additional money at all for the Exchequer,’ said Osborne.

He added it was difficult to estimate the impact of a euro-area only FTT.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy


Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.


Read more...

SFO to pay out £3 million to Tchenguiz

by Michelle Abrego on Jul 25, 2014 at 17:26

Sorry, this link is not
quite ready yet