Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Banks face higher tax bills under levy reform plans

Banks face higher tax bills under levy  reform plans

The largest banks could face higher tax bills under government proposals to reform the bank levy. 

The FT reported that while the so-called 'location levy' for British lenders is charged as a percentage of their total global liabilities and has so far raised £5 billion since its introduction in 2011, the Treasury is now considering redesigning how the charge is calculated.

In a consultation paper, the Treasury suggested placing lenders into different bands according to their size, as opposed to setting the tax for each bank separately every year.

The consultation includes five models that would see the banks in the top bands facing tax charges from £569.8 million to £782.4 million apiece.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter