Included in today's Spending Review was an announcement from the Government concerning the proposed bank levy. To quote from the Spending Review report (here, pdf), at para. 1.73:The Government is taking forward its announcement in the Budget of a Bank Levy [see here, pdf] as an additional and permanent tax on the industry and will publish draft legislation on 21 October, following a consultation with industry over the Summer. Final legislation will follow before the end of the year. Once fully in place, the Government expects the Levy to generate around £2.5 billion of annual revenues, higher in net terms than the previous government’s payroll tax. Working with international partners, the Government is committed to taking forward work on a Financial Activities Tax on profits and remuneration".
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