UK:
Deloitte Comments On Bank Levy Rise
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Wayne Weaver, UK banking tax leader within Deloitte's
financial services tax practice, comments on today's Budget
announcement that the Bank Levy will increase to 0.105% from 1 Jan
2013.
"The Chancellor announced today yet another rise in the
levy rate charged on bank balance sheets, confirming his intention
that the levy should raise £2.5 billion pa. The 2011 yield
has fallen short of his target and would fall further as banks
continue to deleverage and modify their funding profile."
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