UK Autumn Statement: PwC Sees Positives In Bank Levy

Commenting on today’s announcement by Chancellor George Osborne that he will raise the bank levy by 0.088%, Matthew Barling, banking tax partner at PwC, said:

“It is encouraging that the Government has recognised that a financial transaction tax would be a tax on pensions. Banks will be heartened that the Government intends to resist any attempt by the EU to impose a tax on the City of London, which would be a serious blow for banks, markets and, in the end, consumers.”

“As well as tax rates, businesses also look at the predictability of the tax system. With so many recent changes the UK is not scoring well in this field. A third change in the rate of the bank levy in less than a year is not a good advert for the predictability of the UK tax system.”