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Bank taxation, legal reform and tax policy

The release of the Vickers report on the future of the UK banking industry makes it opportune to make a few observations on the current taxation policy for the banking sector.

Last month’s interim findings by the Independent Commission on Banking saw recommendations that systemically important banks and large retail operations be required to top up tier-one capital to 10% a full 3% beyond the Basel III requirement and that retail operations within banking groups be ‘ring-fenced’ from classic investment banking activity.

The Vickers report follows on from other strategic regulatory measures targeting the activities of the banking sector in 2010/11 in particular on remuneration capital requirements liquidity and leverage ratios.

The common purpose or purposes of these measures we are told is to reduce financial sector risk and risk-taking and ensure the fate of...

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