Emergency Budget: Banks

SPEED READ Banks have another new tax to understand,
with little detail yet about how it will work, especially in the international context. As a form of crisis response the bank levy is to be imposed on riskier balance sheet liabilities. There is also the prospect of another special tax on financial activities, which may target remuneration (again). Other announced developments will be followed closely by the banks, including the general corporation tax reform (and what it may mean for interest and other tax reliefs), a possible general anti-avoidance rule and the latest stage in the reforms of CFCs and branch taxation.