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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.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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