Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter