THE GOVERNMENT is considering a review of a tax on banks in order to discourage multinational banks considering leaving the capital and establishing their HQs overseas.
The chancellor is to outline plans for the review in a speech later this week, in which he will say the government is committed to maintaining the competitiveness of banks, the Sunday Times reports.
HSBC – Europe’s biggest bank – said in April it was prompted by “regulatory and structural changes” in the industry. It makes 80% of its profits in Asia.
A finance ministry spokesman declined to comment directly on the report but said: “We are committed to maintaining our position as a global financial hub.
“As set out at the budget, it is right that, as it becomes more profitable, our banking sector makes a fair contribution to fixing the public finances.”
Chancellor Philip Hammond has indicated that he will scrap predecessor George Osborne’s pledge to cut corporation tax to below 15%
Large businesses are increasingly ‘low risk’ when it comes to tax planning, says Pinsent Masons, the international law firm
The European Commission has ordered Apple to pay a record €13bn (£11bn) in back taxes after it ruled the Silicon Valley tech giant’s Irish tax scheme was illegal.
Apple could be forced to pay billions of euros in back taxes with the European Commission expected to rules against the company’s tax arrangements with the Irish government