
Osborne’s plan to introduce an eight per cent surcharge on the Corporation Tax liabilities of banks earning more than ?25m on an annual basis, will be softened by reducing the rate of the Bank Levy introduced in 2010.
However, experts have argued that the industry is likely to be hit far harder than expected. According to Richard Milnes, a partner at EY, the tax-take would be double the Treasury?s estimate. In an article by the Financial Times, he explained that the ?6bn forecast would reflect the tax-take from only ten banks. ?Given this, the tax-take from the entire sector could be far more than double the HMT forecast,? Milnes said. Read more about tax:- 5 reasons to keep your business and personal finances separate
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