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Banks might have to stump up more in taxes

25 June 2010
Written by rosalind renshaw

Banks might face further tax bills, on top of the £2bn levy announced in the Emergency Budget.

The Treasury is to keep the levy under review, and could raise it in line with the more aggressive bank levy which President Obama is currently trying to drive through the US Senate – where there is stiff opposition.

George Osborne has set the bank levy at 0.07% of banks’ covered assets in 2012, which is expected to raise some £2.5bn a year.
 
The rate is less than half the 0.15% proposed by Obama.

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