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Press watch: An end to the bank levy?

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The Times reported (10 June) that the chancellor is poised to axe £3.5bn bank ‘as he tries to head off a decision by Britain’s largest lender to move its headquarters overseas.’ The newspaper reported that the announcement is due to be made at the annual Mansion House speech on Wednesday evening, after Tax Journal goes to press. According to the paper, HSBC and Standard Chartered pay the lions’s share of the levy. The levy is expected to be replaced with a new CT surcharge levied solely on UK assets, rather than on global balance sheets. ‘This could mean that banks currently paying a lower share of the levy, such as Barclays, Lloyds Banking Group and RBS will contribute more.’