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?

  • MrNesser@lemmy.worldEnglish
    1·
    1 day ago

    Someone’s going to try and point out that banks will leave investment out of the UK . Which holds as much water as a chocolate teacup in the Sahara.

    Banks will manage their profits so the bare minimum goes to the tax man as they always do.

    They will do this through various schemes that are legal in the UK and largely not legal elsewhere.