Tax and the City review for November 2024

Budget measures affecting financial institutions

There are no specific bank tax measures in the Budget. The Corporate Tax Roadmap gives assurance that there are currently no planned changes to the bank levy or the bank corporation tax surcharge which together raise more than £2bn a year. It provides however that the bank tax regime will be kept under review to ensure that the objectives of responsible fiscal policy and using the tax system to support the growth mission are appropriately balanced – which could be taken either way. It might be read as the government suggesting that it would at some point consider lowering bank taxes to increase competitiveness and support growth provided tax revenue for public services is maintained. Or...