Sunak Prepares to Cut Bank Surcharge as Corporate Tax Rises (1)

Sept. 21, 2021, 4:10 PM

Chancellor of the Exchequer Rishi Sunak is preparing to roll back a levy on bank profits as he looks to shield the finance industry from a corporation tax rise at a time when the U.K. government is also raising taxes on workers.

Sunak is set to announce a cut of several percentage points in the bank surcharge as soon as next month’s budget as he looks to limit any rise in the tolls paid by U.K. finance firms.

The reduction wouldn’t take effect until 2023, when a six percentage-point increase to corporation tax takes effect. When Sunak announced that change ...

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