Exclusive: Chancellor to target sector in his first budget, to help offset Iran war’s damage to public finances

Apparently the Chancellor wants to reverse a cut to a surcharge that banks pay on their profits, on top of normal corporation tax. The surcharge was 8%, then Jeremy Hunt cut it to 3%, so Healey apparently might set it back to 8%.

[Healey is] believed to be minded to increase the surcharge banks pay on their profits, over and above corporation tax. Industry figures believe that will probably mean raising the surcharge back to 8%, from 3% at present.

Thoughts?

  • HubertManne@piefed.socialEnglish
    1·
    2 days ago

    so its the highest profit corpos? I mean I know banks make a lot of (pardon the pun) bank, but so do many companies. I was thinking maybe its because they can’t really leave.

    • cman6@lemmy.worldEnglish
      1·
      20 hours ago
      1. Good pun!
      2. That is a good point about them not leaving. Although I suppose any bank could choose to stop operating in the UK if they really didn’t want to pay the extra percentage. Seems unlikely though
      • HubertManne@piefed.socialEnglish
        1·
        20 hours ago

        yeah a bank could stop operating but it means no access to uk money. like other corps could theoretically leave and sell products to somewhere where it ultimately gets to the uk. I guess relistically though they all face that but I was thinking banks are a bit more stuck.