Temporary nature of bank tax rise provides greater certainty

Commenting on changes to the banking surcharge, Peter Johnson, Financial Services Tax Policy Leader at Deloitte, said:

“While recent profits may have put banks in the spotlight, higher taxes can have consequences beyond the sector itself if they constrain the flow of credit, increase financing costs for individuals and businesses, or weigh on growth.
 
“So confirmation that this is a temporary measure limited to 15 months will likely be met with quiet relief by the sector, which is already taxed at a higher rate than most other types of business. International investors will nevertheless be looking closely at what it means for the UK as a place to invest.
 
“Clarity over the tax environment once the temporary measure ends will be important for banks and the wider financial services sector. A stable and predictable approach will help support the UK’s competitiveness and inward investment.”

Note to editors

Deloitte spokespeople

Deloitte has a range of spokespeople available to comment on today’s Budget. They can be reached on 02920 927541 or one of the following numbers: 

• Amanda Tickel – head of tax and trade policy (+44 7920 270964)
• Debo De – chief economist (+44 7887 629107)
• Rachel McEleney – personal tax (+44 7774 337581)
• Alison Lobb – corporate tax (+44 7774 337581)
• Michael Nicolaides – employment tax (+44 7586 511104)
• Toby Price – stamp duty (+44 7824 895798)
• Andrew Clarke – VAT (+44 7887 629107)
• Chris Baldwin – business rates (+44 7785 682226)
• Ed Roddis – public sector (+44 7785 682226)
• Peter Johnson – FS/bank tax (+44 7586 511104)
• Annis Lampard – private tax (+44 7824 895798)
• Richard Bray – Places (+447990434703)
• Ian Goodsell – Private client (+447990434703)

About Deloitte

In this press release references to "Deloitte" are references to Deloitte in the United Kingdom. The information contained in this press release is correct at the time of going to press. 

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