Banks: Taxation

(asked on 18th December 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make an estimate of the amount of money that would have been raised for the public purse if the bankers' bonus tax had been retained in each year since 2010; and if he will make a statement.


Answered by
Mel Stride Portrait
Mel Stride
Secretary of State for Work and Pensions
This question was answered on 21st December 2017

The bank payroll tax applied only to banking bonuses awarded between December 2009 and April 2010. The last Labour Chancellor conceded that it could not be repeated without significant tax avoidance.

Bank specific tax measures introduced by the Conservative government since the bank payroll tax include the bank levy, an additional 8% surcharge on banking profits, making misconduct compensation non-deductible and restricting the amount of carry-forward losses. All these changes mean that we will have raised more than £44 billion in additional bank taxes by 2023.

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