Banks such as Metro and Secure Trust met officials amid fears that the 8% surcharge could stifle competition in the banking sectorThe Treasury is considering whether to design changes to its controversial modern banking tax after extensive lobbying from ‘challenger banks’.
Banks such as Metro and Secure Trust met Treasury officials on Friday amid continued controversy about the modern tax introduced in July’s budget. Banks will be required to pay an extra 8% of corporation tax on profits of more than £25m from next year, following a decision by George Osborne to water down the bank levy which is calculated on the size of balance sheets rather than profits.
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Source: theguardian.com