Banks: Surcharges

(asked on 2nd November 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the decrease in the bank surcharge on bank profits in each of the next ten financial years.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 10th November 2021

The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021.

https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents

The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits into the UK.

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