.jpg)
"The banks are committed to playing their part in restoring the UK economy – and that includes helping to meet the greater demands on the Exchequer. The banking industry paid more than £26bn in taxes last year and the bank levy will increase this figure. We will work with the Treasury to ensure the final levy also meets the aim of maintaining the UK's position as the world's financial centre while generating additional tax revenues.
"This bank levy applies not only to UK banks but also to the more than 200 overseas banks operating in this country. Changes to the detail have been made during the consultation period but inevitably the levy will have a significant impact.
"Questions are being raised about the UK proposing to apply tax to a global balance sheet. The Treasury’s statement is largely silent on how this levy would interact with taxation in other countries. Until this is clearer, some banks could be taxed multiple times by multiple jurisdictions on the same activities. There is also no international consensus on how banking activities should be taxed: the G20 members still hold very different views."
