Corporation tax U-turn and unlikely cut in banking surcharge fuels concern sector will face new levy of 33% UK banks are steeling themselves for a windfall tax-by-stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances. City lobbyists are concerned that banks will not be compensated for Hunt's U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year.
UK banks prepare for 'windfall tax' as Hunt moves to plug £40bn hole in public finances
The Guardian - 19 Oct 2022 13:46
Corporation tax U-turn and unlikely cut in banking surcharge fuels concern sector will face new levy of 33% UK banks are steeling themselves for a windfall tax-by-stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances. City lobbyists are concerned that banks will not be compensated for Hunt's U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year.
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