UK Proposals for Bank Levies under the June 2010 Emergency Budget

Morrison & Foerster LLP
Contact

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 publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

Morrison & Foerster LLP
Contact
more
less

Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide