UK Banks will face higher taxes
20 October 2010
In his spending review, George Osborne laid out the UK government’s plans to tax the banking industry, saying: “we neither want to let banks off making their fair contribution, nor do we want to drive them abroad.”
He also stated that, in the Budget it is set out the tax increases, including on capital gains at the higher rate, pension relief on the largest contributions and, for the first time, a permanent levy on banks.
“Many hundreds of thousands of jobs across the whole United Kingdom depend on Britain being a competitive place for financial services,” he said. “Our aim will be to extract the maximum sustainable tax revenues from financial services.”
© HM Treasury
