The Financial Services Authority chief has raised the possibility of higher
taxes in the financial sector as a means to curb stratospheric profits and
Lord Adair Turner told Prospect magazine that new `special taxes’ on
transactions was one way to reign in the sector, Reuters news agency reports.
`If you want to stop excessive pay in a swollen financial sector you have to
reduce the size of that sector or apply special taxes to its pre-remuneration
profit,’ he said.
Critics warn that legislating to prevent high bonuses will threaten London’s
position at the centre of the global financial regime.
Turner said maintaining London’s status was not high on his list of
`Higher capital requirements against trading activities will be our most
powerful tool to eliminate excessive activity and profits,’ he said.
`And if increased capital requirements are insufficient I am happy to
consider taxes on financial transactions — Tobin taxes.’
Tobin taxes refer to government charges on financial transactions.
may levy higher City tax
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said