UK Proposals for Bank Levies under the June 2010 Emergency Budget

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On 22 June 2010, the UK Chancellor, George Osborne MP, of the Conservative-led UK government (the “Govt.”), delivered the keenly anticipated “emergency” budget (“2010 Budget”),1 which will introduce a host of changes to the UK tax system, with far-reaching consequences for the future of the UK financial services industry and its wider economy.

Of special import to the banking industry are the announcements (foreshadowed in the Coalition Programme2 published on 20 May 2010 and the Chancellor’s Mansion House speech the previous week3) that the Govt. will start imposing a bank levy on banks’ balance sheets from 1 January 2011 and will consider introducing further restraints on bank remuneration, which may include another levy on banks’ profits and remuneration.

We summarise below the main aspects of the 2010 Budget announcement as they relate to banks and other financial institutions in the UK.

Please see full bulletin below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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