Banks: Taxation

Treasury written question – answered on 14th December 2022.

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Photo of Rupa Huq Rupa Huq Labour, Ealing Central and Acton

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a windfall tax on bank’s excess profits in a similar manner to the Energy Profits Levy.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

Banks already face two additional taxes. The Bank Corporation Tax Surcharge is an additional charge on banking profit above a set allowance, and the Bank Levy is charged on banks’ balance sheets with equity and liabilities over £20 billion. Since the introduction of the Bank Levy in 2011, these two taxes have raised over £37 billion in additional revenue from the banking sector.

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