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 French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter