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PPI: Biggest UK banks to bear brunt of tax

The biggest UK banks will pay the majority of the forthcoming banking levy, it has been revealed.

On Thursday (9th December), the Treasury outlined its draft Finance Bill for 2011 which showed that firms with a balance sheet of less than £20 billion will not have to pay the tax.

The paper also shows that the rate of tax in its first year of implementation will be 0.01 per cent higher than initially proposed, while the tax rate for subsequent years will be 0.005 per cent more than previously announced.

Mark Hoban MP, financial secretary to the Treasury, said: "First, ensuring that banks make a fair contribution in respect of the potential risks they pose to the UK financial system and wider economy.

"Second, the final scheme design will encourage the banks to make greater use of more stable sources of funding, such as long-term debt and equity, working with the grain of our wider reform programme."

The government expects to raise around £8.8 billion through the tax between 2011 and 2014.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800283198-ADNFCR



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