Peter Bone
Main Page: Peter Bone (Independent - Wellingborough)Department Debates - View all Peter Bone's debates with the HM Treasury
(13 years, 2 months ago)
Commons ChamberAre the losses on banks that accumulated because of their bad judgment being allowed to be set against future profits? In other words, are they avoiding future tax on future profits?
The corporation tax arrangements for banks are similar to those for other businesses. That is one reason why we have imposed the additional bank levy, which will raise more each year over this Parliament than the previous Government’s bank payroll tax did. It is important that the banks make a contribution to reflect the risk that they pose to the wider economy.