Writedowns reported in recent weeks by the
Royal Bank of Scotland, HBOS
and Lloyds TSB are estimated to cut more than £2.5bn off the three banks’
combined tax bills, most of which is expected to come at the expense of British
Based on estimates compiled by the Financial Times, the figure
represents more than 5% of the HM Treasury’s forecast for corporation tax
receipts in the 2007-08 financial year and highlights the dependence of the
public finances on the banking industry, which has accounted for a growing share
of the tax base in recent years.
In 2005-06, the most recent year for which a breakdown is available, the
banking, finance and insurance sectors paid corporation tax of £11.6bn – about a
quarter of the total.
The damage suffered by UK banks from market turmoil will be highlighted this
week when two of Britain’s biggest banks, HSBC and
deliver their first quarter results and Barclays as expected announces
writedowns of £1.4bn before tax.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states