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Bank Levy

Treasury written question – answered on 23rd June 2014.

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Photo of Duncan Hames Duncan Hames Liberal Democrat, Chippenham

To ask the Chancellor of the Exchequer what revenues have been received under the bank levy in each year since its introduction.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The bank levy, a permanent tax on banks’ balance sheet equity and liabilities, was introduced by this Government from 1 January 2011.

It raised £1.6 billion in both 2011-12 and 2012-13.

Following a number of increases to the headline rate, the OBR now forecast it to raise £2.3 billion in 2013-14, £2.7 billion in 2014-15 and £2.9 billion a year from 2015-16.

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