UK Government published final legislation on bank levy
10 December 2010
Financial Secretary to the Treasury, Mark Hoban, announced the publication of final legislation to implement the bank levy announced in the June budget.
The rate for 2011 will be 0.05 per cent, rather than 0.04 per cent, and it will rise to 0.075 per cent from 2012, instead of the 0.07 per cent announced in June. These changes, along with the introduction of an allowance, rather than a threshold, for those liabilities to which the levy applies, will generate around £2½ billion of annual revenues. The levy will take effect from January 1, 2011, and will be permanent.
© HM Treasury
