TaxCorporate TaxHMRC releases bank levy consultation

HMRC releases bank levy consultation

Taxman wants to encourage banks to reduce their risks with £2bn levy

HMRC has released details on its £2bn bank levy which aims to curb the
excessive risk taking which contributed to the crisis.

The levy, will apply to only the largest banks with liabilities totaling more
than £20 billion.

HMRC hopes to encourage banks “to adjust their balance sheets to reduce
[their] risk,” according to the consultation document released today.

“It is fair and it is right that banks should make an appropriate
contribution, which reflects the many risks they generate. Excessive risk taking
in the banking sector was a significant contributory factor in the recent
financial crisis,” the body said in the consultation document.

Further reading:

Success
of bank levy scheme hangs on G20

Emergency
Budget: Bank levy will raise £2bn

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