No commitment yet to cut banking surcharge after corporation tax U-turn, leaving sector face headline tax rate of 33%
UK banks are steeling themselves for a windfall tax by stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances.
City lobbyists are concerned that banks will not be compensated for Hunt’s U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year.
No commitment yet to cut banking surcharge after corporation tax U-turn, leaving sector face headline tax rate of 33%UK banks are steeling themselves for a windfall tax by stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances.City lobbyists are concerned that banks will not be compensated for Hunt’s U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year. Continue reading…
