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A Stormy Forecast

Ian Sandles of Nomura looks ahead to the key tax issues facing the banking sector in 2009
2008 was among the most turbulent years ever for the banking sector. Across the world banks have reported unprecedented losses. Some banks have collapsed been forced into mergers or received substantial government bailouts. Banks continue to be the focus of unprecedented media scrutiny. In this article I will review the major tax issues the banking sector in the UK is likely to face in 2009.
Perhaps the most immediate tax impact of the credit crunch is likely to be the impact on the tax take from the banks. In recent years banks have been among the largest corporate contributors to the Exchequer. For example in 2005/06 banks paid around £7.5 billion...

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