Banks: Taxation

(asked on 26th February 2024) - View Source

Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to implementing a windfall tax on the excess profits of UK banks.


Answered by
Baroness Vere of Norbiton Portrait
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
This question was answered on 4th March 2024

Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3 percentage points more on their profits (28%) than most other businesses (25%). This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.

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