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Bank Loan: UK banks set to pay lower taxes than consumers

UK banks could soon be subject to lower taxes than consumers following alterations to corporation tax and VAT, it has been claimed.

The Trades Union Congress (TUC) has revealed that, following the rise in VAT to 20 per cent in January and the fall in corporation tax, some firms could be paying just 19 per cent tax in 2011.

Although corporation tax is only set to officially fall from 28 per cent to 27 per cent next year, the TUC claims that multinational companies who expose legal loopholes will only have to pay 19 per cent.

Brendan Barber, the TUC general secretary, expressed his belief that many Britons will be dismayed to learn that they will be paying more tax than bankers who contributed to the financial crisis.

He said: "People will not happy to learn that banks have managed to earn themselves a tidy tax cut as a reward for their failure while the rest of us suffer from job losses, tax hikes and the wrecking of public services."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800314948-ADNFCR

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