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Loan protection: Banking tax 'may be cut'

The banking tax introduced by the coalition government may be cut in the future, it has been claimed.

In June, George Osborne announced that all financial institutions with liabilities of more than £20 billion will be subject to a new annual tax of between 0.04 and 0.07 per cent.

However, the Chancellor has agreed to limit the amount raised by the levy to around £2.5 billion after bowing to pressure from banks.

The rate would be cut if the tax brought in more than the targeted sum, a source familiar with the situation told Reuters.

Earlier this month, Mr Osborne told the Treasury Select Committee that he was only aiming to acquire £2.5 billion despite the potential to earn more.

He said: "We made it clear that we are targeting a revenue sum rather than a particular rate because we think that is an appropriate contribution that balances fairness with the competitiveness of the UK banking sector."

The main five banks in the UK would pay £2 billion following the introduction of the levy.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800004923-ADNFCR

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