TaxCorporate TaxUncertainty surrounds windfall tax for banks

Uncertainty surrounds windfall tax for banks

Government reveals options to tax banks have been considered

The Treasury has failed to rule out fears of a windfall tax on banks designed
to punish those indulging in excessive bonus payouts against the spirit of the
G20 curbs.

A spokesman said talk of some form of additional tax, or a top up to
corporation tax akin to the North Sea levy was “speculation”, but conceded
options for action against rogue banks have been considered.

Shadow chancellor George Osborne said at the Tory Party Conference he had not
ruled out some form of tax action if banks fail to adhere to bonus guidelines.

The threat follows cross-party exasperation at the behavior of bankers, many
of whom a year ago were queuing up to be rescued.

The only concrete proposal has came from City minister Lord Myners who said
on BBC TV the government would use its votes in the RBS and Lloyds Group to
oppose excessive packages.

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