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Tax and the City review for March 2020

Mike Lane and Zoe Andrews (Slaughter and May) provide your monthly update on tax developments affecting the City.

Budget 2020: measures affecting financial services

As usual the devil was in the detail of the documents released when the chancellor sat down rather than in the sound bites during the Budget speech itself.

Economic crime levy

Another budget another new tax or this time an economic crime levy. This levy is intended to be paid by firms subject to the money laundering regulations to help fund new government action to tackle money laundering. A consultation document on the levy is promised later this spring.

Bank surcharge

Since 2016 banks have had to pay an 8% surcharge on (broadly)...

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