Chief executive Paul Pester urges chancellor to reconsider lower limit at which levy is applied to avoid making so-called challenger banks less competitiveTSB has warned that George Osborne’s unique tax on bank profits will hit companies challenging established tall street brands and has urged the chancellor to water down the measure. The 8% surcharge on bank profits announced in the budget will spread the tax burden more widely across the sector,with smaller banks paying an industry tax for the first time. It will kick in at annual profits of £25m, which has prompted TSB to warn of an impact on so-called challenger banks such as itself, or Virgin Money,Aldermore and Shawbrook.
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Source: theguardian.com